Nexalin Technology, Inc. (NASDAQ:NXL) Sees Large Decline in Short Interest

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a significant decline in short interest in May. As of May 15th, there was short interest totalling 120,200 shares, a decline of 21.9% from the April 30th total of 154,000 shares. Based on an average trading volume of 124,500 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.9% of the shares of the stock are short sold.

Institutional Investors Weigh In On Nexalin Technology

A number of institutional investors and hedge funds have recently bought and sold shares of NXL. Kingsview Wealth Management LLC bought a new stake in Nexalin Technology in the 4th quarter worth approximately $28,000. Jane Street Group LLC bought a new stake in Nexalin Technology in the 4th quarter worth approximately $28,000. Northern Trust Corp bought a new stake in Nexalin Technology in the 4th quarter worth approximately $36,000. XTX Topco Ltd purchased a new position in shares of Nexalin Technology in the fourth quarter worth about $46,000. Finally, Geode Capital Management LLC increased its holdings in shares of Nexalin Technology by 36.3% in the fourth quarter. Geode Capital Management LLC now owns 107,241 shares of the company’s stock worth $296,000 after buying an additional 28,544 shares during the period. 0.65% of the stock is owned by hedge funds and other institutional investors.

Nexalin Technology Stock Performance

Shares of NXL stock traded up $0.05 during trading hours on Tuesday, hitting $1.27. 52,750 shares of the company were exchanged, compared to its average volume of 1,239,581. Nexalin Technology has a fifty-two week low of $0.53 and a fifty-two week high of $4.49. The company has a 50 day simple moving average of $1.56 and a two-hundred day simple moving average of $2.55. The firm has a market cap of $21.82 million, a P/E ratio of -1.98 and a beta of 4.67.

Nexalin Technology (NASDAQ:NXL) last issued 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 firm had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.04 million. Nexalin Technology had a negative net margin of 3,407.98% and a negative return on equity of 187.59%.

Wall Street Analysts Forecast Growth

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

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.