Nexalin Technology, Inc. (NASDAQ:NXL) Short Interest Down 64.1% in June

Nexalin Technology, Inc. (NASDAQ:NXL) was the target of a significant decline in short interest during the month of June. As of June 15th, there was short interest totaling 423,383 shares, a decline of 64.1% from the May 31st total of 1,180,877 shares. Approximately 2.8% of the company’s stock are sold short. Based on an average trading volume of 301,490 shares, the days-to-cover ratio is currently 1.4 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NXL. Susquehanna International Group LLP acquired a new stake in Nexalin Technology in the 3rd quarter valued at about $57,000. Renaissance Technologies LLC raised 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 during the period. Geode Capital Management LLC raised its stake in Nexalin Technology by 23.4% in the fourth quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock valued at $84,000 after buying an additional 28,454 shares during the period. Finally, PEAK6 LLC acquired a new stake in shares of Nexalin Technology in the fourth quarter valued at approximately $266,000. 0.65% of the stock is currently owned by institutional investors and hedge funds.

Nexalin Technology Stock Performance

NASDAQ NXL traded down $0.01 during trading hours on Monday, hitting $0.34. 183,321 shares of the company traded hands, compared to its average volume of 258,393. The business’s 50-day moving average is $0.41 and its 200-day moving average is $0.50. Nexalin Technology has a twelve month low of $0.30 and a twelve month high of $2.00. The stock has a market capitalization of $7.05 million, a price-to-earnings ratio of -0.73 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 return on equity of 191.88% and a negative net margin of 3,018.12%.The company had revenue of $0.01 million for the quarter, compared to the consensus estimate of $0.01 million.

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.