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

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 278,300 shares, a decrease of 21.3% from the February 28th total of 353,700 shares. Based on an average daily volume of 318,500 shares, the days-to-cover ratio is currently 0.9 days. Currently, 2.6% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Nexalin Technology

A number of large investors have recently added to or reduced their stakes in NXL. Jane Street Group LLC acquired a new stake in Nexalin Technology during the 4th quarter valued at $28,000. Northern Trust Corp purchased a new stake in shares of Nexalin Technology in the fourth quarter valued at $36,000. XTX Topco Ltd acquired a new stake in shares of Nexalin Technology during the fourth quarter valued at $46,000. Geode Capital Management LLC increased its position in Nexalin Technology by 36.3% during the 4th quarter. Geode Capital Management LLC now owns 107,241 shares of the company’s stock worth $296,000 after purchasing an additional 28,544 shares in the last quarter. Finally, Kingsview Wealth Management LLC acquired a new position in Nexalin Technology in the 4th quarter valued at about $28,000. 0.65% of the stock is owned by institutional investors and hedge funds.

Nexalin Technology Price Performance

Shares of NXL stock traded down $0.05 during mid-day trading on Tuesday, hitting $1.90. The stock had a trading volume of 182,693 shares, compared to its average volume of 1,292,171. The company’s 50-day simple moving average is $2.67 and its 200-day simple moving average is $2.61. Nexalin Technology has a fifty-two week low of $0.53 and a fifty-two week high of $4.49. The firm has a market cap of $25.28 million, a PE ratio of -2.97 and a beta of 4.33.

Nexalin Technology (NASDAQ:NXL) last released its quarterly earnings data on Friday, March 14th. The company reported ($0.28) EPS for the quarter. Nexalin Technology had a negative return on equity of 187.59% and a negative net margin of 3,407.98%. The company had revenue of $0.03 million for the quarter.

About Nexalin Technology

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.