Short Interest in Nexalin Technology, Inc. (NASDAQ:NXL) Drops By 50.6%

Nexalin Technology, Inc. (NASDAQ:NXL) saw a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 323,373 shares, a decrease of 50.6% from the July 15th total of 654,993 shares. Based on an average trading volume of 221,455 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.8% of the company’s shares are short sold.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Nexalin Technology in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Nexalin Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. AWM Investment Company Inc. purchased a new stake in shares of Nexalin Technology during the 2nd quarter worth about $18,135,000. PEAK6 LLC acquired a new position in Nexalin Technology during the second quarter valued at approximately $79,000. Renaissance Technologies LLC lifted its position in Nexalin Technology by 119.2% during the fourth quarter. Renaissance Technologies LLC now owns 122,100 shares of the company’s stock valued at $68,000 after buying an additional 66,400 shares in the last quarter. Geode Capital Management LLC grew its stake in Nexalin Technology by 23.4% during the fourth quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock worth $84,000 after buying an additional 28,454 shares during the period. Finally, Susquehanna International Group LLP purchased a new stake in Nexalin Technology during the third quarter worth approximately $57,000. 0.65% of the stock is owned by institutional investors and hedge funds.

Nexalin Technology Stock Performance

Shares of NXL traded down $0.00 during trading hours on Monday, hitting $0.35. The stock had a trading volume of 78,077 shares, compared to its average volume of 506,907. The firm has a market cap of $7.67 million, a P/E ratio of -0.72 and a beta of 4.00. The company’s fifty day simple moving average is $0.39 and its 200 day simple moving average is $0.42. Nexalin Technology has a 12-month low of $0.30 and a 12-month high of $2.00.

Nexalin Technology (NASDAQ:NXL) last issued its earnings results on Wednesday, August 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). Nexalin Technology had a negative net margin of 4,141.94% and a negative return on equity of 278.24%. The firm had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.09 million.

Nexalin Technology Company Profile

Nexalin Technology, Inc is a U.S.-based medical device company specializing in noninvasive neuromodulation therapies for mental health conditions. The company develops and markets the Nexalin® medical device platform, which delivers proprietary alternating current waveforms to targeted areas of the brain through forehead-mounted electrodes. Its technology is designed to modulate neural activity without pharmaceuticals, positioning the company within the growing field of digital therapeutics and neurostimulation.

The Nexalin device has received U.S.