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

Shares of Nexalin Technology, Inc. (NASDAQ:NXL) are scheduled to reverse split on Monday, August 31st. The 1-30 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 30th.

Nexalin Technology Stock Down 13.6%

Shares of NASDAQ:NXL traded down $0.04 during midday trading on Thursday, hitting $0.25. The stock had a trading volume of 1,202,822 shares, compared to its average volume of 495,114. Nexalin Technology has a 12 month low of $0.22 and a 12 month high of $2.00. The business’s 50-day simple moving average is $0.37 and its 200-day simple moving average is $0.41. The company has a market cap of $5.72 million, a P/E ratio of -0.53 and a beta of 4.00.

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

Analyst Ratings Changes

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

Hedge Funds Weigh In On Nexalin Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NXL. Susquehanna International Group LLP bought a new stake in shares of Nexalin Technology during the 3rd quarter worth about $57,000. Geode Capital Management LLC grew its stake in Nexalin Technology by 23.4% in the 4th quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock valued at $84,000 after buying an additional 28,454 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Nexalin Technology by 119.2% in the 4th 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 period. PEAK6 LLC acquired a new stake in Nexalin Technology during the fourth quarter worth approximately $266,000. Finally, AWM Investment Company Inc. bought a new stake in shares of Nexalin Technology during the second quarter worth approximately $18,135,000. 0.65% of the stock is owned by institutional investors.

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.