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

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 278,300 shares, a drop 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. Approximately 2.6% of the shares of the company are short sold.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Nexalin Technology

Several hedge funds and other institutional investors have recently made changes to their positions in NXL. Jane Street Group LLC purchased a new position in Nexalin Technology during the fourth quarter valued at approximately $28,000. Northern Trust Corp bought a new position in Nexalin Technology in the 4th quarter worth about $36,000. XTX Topco Ltd bought a new stake in Nexalin Technology during the 4th quarter valued at $46,000. Geode Capital Management LLC grew its position in shares of 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 buying an additional 28,544 shares in the last quarter. Finally, Kingsview Wealth Management LLC purchased a new position in Nexalin Technology during the 4th quarter valued at about $28,000. Hedge funds and other institutional investors own 0.65% of the company’s stock.

Nexalin Technology Trading Up 5.8 %

Shares of NASDAQ:NXL traded up $0.11 during trading on Wednesday, reaching $2.01. 107,800 shares of the company traded hands, compared to its average volume of 1,287,473. The firm has a market capitalization of $26.74 million, a price-to-earnings ratio of -3.14 and a beta of 4.33. The business’s fifty day moving average is $2.67 and its 200-day moving average is $2.61. Nexalin Technology has a 52-week low of $0.53 and a 52-week high of $4.49.

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

Nexalin Technology Company Profile

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.