Nexalin Technology (NASDAQ:NXL) Releases Earnings Results, Beats Estimates By $2.89 EPS

Nexalin Technology (NASDAQ:NXL) posted its earnings results on Wednesday, August 12th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($3.00) by $2.89, Zacks reports. The firm had revenue of $0.01 million for the quarter, compared to the consensus estimate of $0.09 million. Nexalin Technology had a negative net margin of 4,141.94% and a negative return on equity of 278.24%.

Nexalin Technology Trading Down 9.0%

NXL stock traded down $0.61 during trading on Wednesday, hitting $6.19. The company had a trading volume of 27,857 shares, compared to its average volume of 16,543. The firm has a market capitalization of $4.52 million, a price-to-earnings ratio of -0.43 and a beta of 3.95. The business has a 50 day moving average of $11.00 and a 200 day moving average of $12.08. Nexalin Technology has a fifty-two week low of $5.94 and a fifty-two week high of $60.00.

Hedge Funds Weigh In On Nexalin Technology

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of 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 in the last quarter. Susquehanna International Group LLP acquired a new position in Nexalin Technology during the third quarter valued at $57,000. Renaissance Technologies LLC raised its position in Nexalin Technology by 119.2% during the fourth quarter. Renaissance Technologies LLC now owns 122,100 shares of the company’s stock valued at $68,000 after buying an additional 66,400 shares during the period. Finally, PEAK6 LLC purchased a new stake in Nexalin Technology in the 2nd quarter worth about $79,000. Institutional investors and hedge funds own 0.65% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.