Nexalin Technology (NASDAQ:NXL) Stock to Reverse Split on Monday, August 31st

Shares of Nexalin Technology, Inc. (NASDAQ:NXL) are scheduled to reverse split on Monday, August 31st. The 1-30 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, August 30th.

Nexalin Technology Price Performance

Shares of NXL stock traded down $0.04 during mid-day trading on Thursday, hitting $0.25. The stock had a trading volume of 1,202,822 shares, compared to its average volume of 122,112. Nexalin Technology has a fifty-two week low of $0.22 and a fifty-two week high of $2.00. The firm has a market cap of $5.72 million, a PE ratio of -0.53 and a beta of 4.00. The company’s 50-day simple moving average is $0.37 and its 200-day simple moving average is $0.41.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered Nexalin Technology from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP purchased a new stake in shares of Nexalin Technology during the 3rd quarter worth approximately $57,000. Renaissance Technologies LLC increased its stake in Nexalin Technology by 119.2% in the 4th quarter. Renaissance Technologies LLC now owns 122,100 shares of the company’s stock valued at $68,000 after purchasing an additional 66,400 shares in the last quarter. Geode Capital Management LLC increased its stake in Nexalin Technology by 23.4% in the 4th quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock valued at $84,000 after purchasing an additional 28,454 shares in the last quarter. PEAK6 LLC acquired a new position in Nexalin Technology during the second quarter worth $79,000. Finally, AWM Investment Company Inc. acquired a new position in Nexalin Technology during the second quarter worth $18,135,000. 0.65% of the stock is owned by hedge funds and other institutional investors.

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.