Nexalin Technology Stock Set to Reverse Split on Monday, August 31st (NASDAQ:NXL)

Nexalin Technology, Inc. (NASDAQ:NXL)’s stock is set to reverse split before the market opens on Monday, August 31st. The 1-30 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 30th.

Nexalin Technology Stock Down 13.6%

Shares of NXL traded down $0.04 on Thursday, hitting $0.25. The company’s stock had a trading volume of 1,202,822 shares, compared to its average volume of 495,114. The firm’s fifty day moving average price is $0.37 and its 200-day moving average price is $0.41. Nexalin Technology has a fifty-two week low of $0.22 and a fifty-two week high of $2.00. The firm has a market capitalization of $5.72 million, a price-to-earnings ratio of -0.53 and a beta of 4.00.

Nexalin Technology (NASDAQ:NXL) last posted its earnings results on Wednesday, August 12th. 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 278.24% and a negative net margin of 4,141.94%.The business had revenue of $0.01 million for the quarter, compared to the consensus estimate of $0.09 million.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered Nexalin Technology from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Institutional Investors Weigh In On Nexalin Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NXL. Susquehanna International Group LLP acquired a new position in shares of Nexalin Technology during the 3rd quarter worth about $57,000. Renaissance Technologies LLC increased its position in shares of 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 acquiring an additional 66,400 shares during the last quarter. PEAK6 LLC bought a new stake in Nexalin Technology during the second quarter worth about $79,000. Geode Capital Management LLC boosted its position in Nexalin Technology by 23.4% during the fourth 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. Finally, AWM Investment Company Inc. acquired a new position in Nexalin Technology during the second quarter valued at approximately $18,135,000. 0.65% of the stock is currently owned by institutional investors and hedge funds.

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.