Short Interest in Nexalin Technology, Inc. (NASDAQ:NXL) Decreases By 96.0%

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totaling 13,667 shares, a drop of 96.0% from the August 15th total of 342,208 shares. Based on an average trading volume of 9,976 shares, the short-interest ratio is currently 1.4 days. Approximately 2.2% of the shares of the stock are short sold.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NXL. Susquehanna International Group LLP acquired a new stake in Nexalin Technology during the third quarter worth $57,000. Renaissance Technologies LLC lifted its stake in shares of 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 during the last quarter. PEAK6 LLC acquired a new position in shares of Nexalin Technology in the 2nd quarter valued at $79,000. Finally, Geode Capital Management LLC grew its holdings in shares of Nexalin Technology by 23.4% during the 4th quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock worth $84,000 after purchasing an additional 28,454 shares during the period. 0.65% of the stock is currently owned by institutional investors and hedge funds.

Nexalin Technology Trading Down 3.6%

Nexalin Technology stock traded down $0.18 during midday trading on Thursday, hitting $4.87. 57,270 shares of the stock were exchanged, compared to its average volume of 11,138. Nexalin Technology has a fifty-two week low of $4.51 and a fifty-two week high of $60.00. The stock has a market capitalization of $3.56 million, a price-to-earnings ratio of -0.34 and a beta of 3.95. The stock’s 50-day simple moving average is $10.26 and its 200 day simple moving average is $11.67.

Nexalin Technology (NASDAQ:NXL) last posted its earnings results on Wednesday, August 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($3.00) by $2.89. Nexalin Technology had a negative net margin of 4,141.94% and a negative return on equity of 278.24%. The company had revenue of $0.01 million for the quarter, compared to analyst estimates of $0.09 million.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Nexalin Technology from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

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.