Nexalin Technology, Inc. (NASDAQ:NXL) Stock Short Interest Declines 65.7%

Nexalin Technology, Inc. (NASDAQ:NXL) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totaling 4,482 shares, a drop of 65.7% from the September 30th total of 13,067 shares. Based on an average trading volume of 5,740,341 shares, the days-to-cover ratio is presently 0.0 days. Currently, 0.7% of the company’s stock are sold short.

Analyst Ratings Changes

NXL has been the subject of a number of analyst reports. Zacks Research upgraded Nexalin Technology to a “hold” rating in a research note on Thursday, October 1st. Weiss Ratings lowered shares of Nexalin Technology from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, September 25th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce”.

Nexalin Technology Stock Down 1.8%

Shares of Nexalin Technology stock traded down $0.03 during trading on Friday, reaching $1.60. The company’s stock had a trading volume of 21,132 shares, compared to its average volume of 164,765. Nexalin Technology has a 1-year low of $1.51 and a 1-year high of $48.00. The company has a 50-day simple moving average of $4.61 and a two-hundred day simple moving average of $11.00. The company has a market cap of $1.17 million, a price-to-earnings ratio of -0.11 and a beta of 4.08.

Nexalin Technology (NASDAQ:NXL) last announced its earnings results on Wednesday, August 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.00) by $2.89. The company had revenue of $0.01 million for the quarter, compared to analyst estimates of $0.09 million. Nexalin Technology had a negative return on equity of 278.24% and a negative net margin of 4,141.94%. As a group, analysts anticipate that Nexalin Technology will post -11.42 earnings per share for the current year.

Institutional Trading of Nexalin Technology

A hedge fund recently bought a new stake in Nexalin Technology stock. PEAK6 LLC bought a new position in shares of Nexalin Technology, Inc. (NASDAQ:NXL) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 240,210 shares of the company’s stock, valued at approximately $79,000. PEAK6 LLC owned 1.09% of Nexalin Technology as of its most recent SEC filing. 0.65% of the stock is owned by hedge funds and other institutional investors.

Nexalin Technology Company Profile

Nexalin Technology, Inc (NASDAQ:NXL) is a medical technology company focused on developing and commercializing noninvasive neurostimulation devices for mental health and neurological applications. Its technology is designed to deliver low-intensity electrical stimulation to the brain with the goal of influencing neural activity associated with conditions such as depression, anxiety, insomnia, post-traumatic stress disorder and substance-use disorders.

The company’s product portfolio includes the Gen-2 and Gen-3 neurostimulation systems.