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

Nexalin Technology, Inc. (NASDAQ:NXL) saw a large decrease in short interest during the month of March. As of March 13th, there was short interest totaling 440,670 shares, a decrease of 26.4% from the February 26th total of 598,666 shares. Currently, 3.2% of the company’s shares are short sold. Based on an average trading volume of 108,359 shares, the days-to-cover ratio is currently 4.1 days.

Nexalin Technology Stock Down 3.1%

Nexalin Technology stock traded down $0.01 during mid-day trading on Friday, hitting $0.36. 48,955 shares of the company’s stock were exchanged, compared to its average volume of 131,598. The firm has a market capitalization of $7.50 million, a P/E ratio of -0.71 and a beta of 4.05. Nexalin Technology has a fifty-two week low of $0.36 and a fifty-two week high of $2.31. The company’s 50 day simple moving average is $0.49 and its 200-day simple moving average is $0.84.

Nexalin Technology (NASDAQ:NXL) last posted its earnings results on Wednesday, March 25th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). Nexalin Technology had a negative net margin of 2,722.19% and a negative return on equity of 0.87%. The business had revenue of $0.17 million during the quarter, compared to analyst estimates of $0.08 million.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Nexalin Technology in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of “Sell”.

Hedge Funds Weigh In On Nexalin Technology

Several institutional investors and hedge funds have recently modified their holdings of NXL. PEAK6 LLC acquired a new stake in Nexalin Technology during the 4th quarter worth approximately $266,000. Renaissance Technologies LLC lifted its stake in Nexalin Technology by 119.2% in 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. Susquehanna International Group LLP acquired a new position in shares of Nexalin Technology in the third quarter valued at approximately $57,000. Finally, Geode Capital Management LLC increased its position in shares of 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 acquiring an additional 28,454 shares in the last quarter. 0.65% of the stock is currently owned by institutional investors and hedge funds.

About Nexalin Technology

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.