Short Interest in Nexalin Technology, Inc. (NASDAQ:NXL) Increases By 94.4%

Nexalin Technology, Inc. (NASDAQ:NXL) saw a large growth in short interest during the month of May. As of May 29th, there was short interest totaling 1,180,877 shares, a growth of 94.4% from the May 14th total of 607,378 shares. Currently, 7.7% of the shares of the company are sold short. Based on an average daily trading volume, of 2,756,848 shares, the days-to-cover ratio is currently 0.4 days.

Nexalin Technology Stock Down 2.8%

NASDAQ NXL traded down $0.01 during trading hours on Tuesday, reaching $0.39. 197,164 shares of the company were exchanged, compared to its average volume of 613,029. Nexalin Technology has a 1 year low of $0.31 and a 1 year high of $2.00. The business’s 50 day simple moving average is $0.42 and its 200-day simple moving average is $0.55. The stock has a market capitalization of $8.09 million, a P/E ratio of -0.84 and a beta of 3.79.

Nexalin Technology (NASDAQ:NXL) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). Nexalin Technology had a negative net margin of 3,018.12% and a negative return on equity of 191.88%. The firm had revenue of $0.01 million during the quarter, compared to the consensus estimate of $0.02 million.

Institutional Investors Weigh In On Nexalin Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PEAK6 LLC purchased a new stake in shares of Nexalin Technology during the fourth quarter worth $266,000. Renaissance Technologies LLC lifted its stake in Nexalin Technology by 119.2% during the fourth quarter. Renaissance Technologies LLC now owns 122,100 shares of the company’s stock worth $68,000 after purchasing an additional 66,400 shares during the last quarter. Susquehanna International Group LLP purchased a new position in shares of Nexalin Technology in the 3rd quarter worth about $57,000. Finally, Geode Capital Management LLC increased its position 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 valued at $84,000 after purchasing an additional 28,454 shares during the last quarter. Institutional investors own 0.65% of the company’s stock.

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.