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

Nexalin Technology, Inc. (NASDAQ:NXL) was the target of a large decline in short interest in March. As of March 13th, there was short interest totaling 440,670 shares, a decline of 26.4% from the February 26th total of 598,666 shares. Approximately 3.2% of the company’s stock are short sold. Based on an average trading volume of 108,359 shares, the days-to-cover ratio is presently 4.1 days.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nexalin Technology in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Nexalin Technology has a consensus rating of “Sell”.

Institutional Investors Weigh In On Nexalin Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in shares of Nexalin Technology by 23.4% during the 4th quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock worth $84,000 after buying an additional 28,454 shares during the last quarter. Susquehanna International Group LLP bought a new position in shares of Nexalin Technology in the 3rd quarter valued at 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. Finally, PEAK6 LLC acquired a new stake in shares of Nexalin Technology in the fourth quarter valued at about $266,000. 0.65% of the stock is owned by institutional investors.

Nexalin Technology Price Performance

Shares of NXL traded down $0.01 during mid-day trading on Friday, hitting $0.36. 48,955 shares of the company’s stock were exchanged, compared to its average volume of 131,598. Nexalin Technology has a 52 week low of $0.36 and a 52 week high of $2.31. The company has a market cap of $7.50 million, a PE ratio of -0.71 and a beta of 4.05. The company has a 50-day simple moving average of $0.49 and a 200 day simple moving average of $0.84.

Nexalin Technology (NASDAQ:NXL) last announced its quarterly earnings data on Wednesday, March 25th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). Nexalin Technology had a negative return on equity of 0.87% and a negative net margin of 2,722.19%.The business had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.08 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.