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

Shares of Nexalin Technology, Inc. (NASDAQ:NXL) are 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 closing bell on Sunday, August 30th.

Nexalin Technology Stock Performance

Shares of NXL traded down $0.04 during mid-day trading on Thursday, reaching $0.25. 1,202,822 shares of the company’s stock were exchanged, compared to its average volume of 122,112. The business’s fifty day simple moving average is $0.37 and its 200-day simple moving average is $0.41. Nexalin Technology has a 52-week low of $0.22 and a 52-week high of $2.00.

Nexalin Technology (NASDAQ:NXL) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). Nexalin Technology had a negative net margin of 4,141.94% and a negative return on equity of 278.24%. The business had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.09 million.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Nexalin Technology

Several hedge funds have recently made changes to their positions in NXL. AWM Investment Company Inc. purchased a new stake in shares of Nexalin Technology in the second quarter valued at about $18,135,000. PEAK6 LLC purchased a new position in Nexalin Technology during the second quarter worth about $79,000. Renaissance Technologies LLC lifted its position 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 purchasing an additional 66,400 shares during the period. Geode Capital Management LLC lifted its position 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 purchasing an additional 28,454 shares during the period. Finally, Susquehanna International Group LLP purchased a new stake in Nexalin Technology in the 3rd quarter valued at approximately $57,000. Institutional investors and hedge funds 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.