Nexalin Technology (NASDAQ:NXL) Stock Price Up 1.7% – Here’s Why

Nexalin Technology, Inc. (NASDAQ:NXL) shares were up 1.7% during trading on Monday . The company traded as high as $1.24 and last traded at $1.23. Approximately 30,782 shares changed hands during trading, a decline of 98% from the average daily volume of 1,249,129 shares. The stock had previously closed at $1.21.

Analysts Set New Price Targets

Separately, Maxim Group raised shares of Nexalin Technology from a “hold” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Monday, March 24th.

Nexalin Technology Stock Down 1.7%

The stock has a market cap of $20.44 million, a price-to-earnings ratio of -1.86 and a beta of 4.67. The company’s 50-day moving average is $1.64 and its 200-day moving average is $2.63.

Nexalin Technology (NASDAQ:NXL) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.05). The business had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.04 million. Nexalin Technology had a negative return on equity of 187.59% and a negative net margin of 3,407.98%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Kingsview Wealth Management LLC acquired a new position in shares of Nexalin Technology in the 4th quarter valued at $28,000. Jane Street Group LLC acquired a new stake in Nexalin Technology during the 4th quarter worth $28,000. Northern Trust Corp acquired a new stake in Nexalin Technology during the 4th quarter worth $36,000. XTX Topco Ltd acquired a new stake in Nexalin Technology during the 4th quarter worth $46,000. Finally, Drive Wealth Management LLC acquired a new stake in Nexalin Technology during the 4th quarter worth $55,000. 0.65% of the stock is currently owned by institutional investors.

Nexalin Technology Company Profile

Nexalin Technology, Inc, a medical device company, designs and develops neurostimulation products for the treatment of mental health in the United States and China. The company designs and develops Generation 2 and Generation 3, that is in clinical trials for the treatment of substance abuse issues related to opiate, cocaine, alcohol abuse, alzheimer's disease, and dementia.