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

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a large decline in short interest in the month of June. As of June 15th, there was short interest totaling 423,383 shares, a decline of 64.1% from the May 31st total of 1,180,877 shares. Approximately 2.8% of the company’s shares are short sold. Based on an average trading volume of 301,490 shares, the short-interest ratio is currently 1.4 days.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Susquehanna International Group LLP acquired a new stake in shares of Nexalin Technology in the third quarter worth approximately $57,000. Geode Capital Management LLC increased its position in Nexalin Technology by 23.4% during the fourth quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock worth $84,000 after purchasing an additional 28,454 shares during the last quarter. Renaissance Technologies LLC raised its stake in Nexalin Technology by 119.2% during the fourth quarter. Renaissance Technologies LLC now owns 122,100 shares of the company’s stock worth $68,000 after purchasing an additional 66,400 shares during the period. Finally, PEAK6 LLC purchased a new position in Nexalin Technology during the fourth quarter worth approximately $266,000. 0.65% of the stock is currently owned by hedge funds and other institutional investors.

Nexalin Technology Stock Up 4.0%

Shares of NASDAQ:NXL opened at $0.35 on Friday. The company has a market cap of $7.31 million, a P/E ratio of -0.76 and a beta of 3.80. The business has a fifty day simple moving average of $0.42 and a 200-day simple moving average of $0.51. Nexalin Technology has a 52 week low of $0.30 and a 52 week high of $2.00.

Nexalin Technology (NASDAQ:NXL) last released its earnings results on Friday, May 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). Nexalin Technology had a negative return on equity of 191.88% and a negative net margin of 3,018.12%.The business had revenue of $0.01 million for the quarter, compared to analysts’ expectations of $0.01 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.