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

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 278,300 shares, a decrease of 21.3% from the February 28th total of 353,700 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average daily volume of 318,500 shares, the short-interest ratio is currently 0.9 days.

Nexalin Technology Trading Down 7.3 %

Nexalin Technology stock opened at $1.91 on Monday. Nexalin Technology has a 12-month low of $0.53 and a 12-month high of $4.49. The firm has a market capitalization of $25.41 million, a price-to-earnings ratio of -2.98 and a beta of 4.33. The firm has a 50 day moving average of $2.71 and a 200 day moving average of $2.59.

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

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Nexalin Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Drive Wealth Management LLC purchased a new stake in shares of Nexalin Technology during the fourth quarter worth about $55,000. Kingsview Wealth Management LLC purchased a new position in Nexalin Technology in the 4th quarter worth approximately $28,000. Geode Capital Management LLC boosted its stake in Nexalin Technology by 36.3% in the 4th quarter. Geode Capital Management LLC now owns 107,241 shares of the company’s stock worth $296,000 after purchasing an additional 28,544 shares during the period. XTX Topco Ltd purchased a new stake in Nexalin Technology during the 4th quarter valued at approximately $46,000. Finally, Northern Trust Corp bought a new stake in shares of Nexalin Technology during the fourth quarter valued at approximately $36,000. 0.65% of the stock is owned by institutional investors.

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.