Short Interest in Nexalin Technology, Inc. (NASDAQ:NXL) Declines By 96.0%

Nexalin Technology, Inc. (NASDAQ:NXL) was the target of a large decline in short interest in the month of August. As of August 31st, there was short interest totaling 13,667 shares, a decline of 96.0% from the August 15th total of 342,208 shares. Approximately 2.2% of the shares of the company are short sold. Based on an average daily trading volume, of 9,976 shares, the days-to-cover ratio is currently 1.4 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Nexalin Technology from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Nexalin Technology Stock Down 1.0%

Shares of NASDAQ:NXL traded down $0.05 during trading on Friday, reaching $4.82. 14,612 shares of the company’s stock traded hands, compared to its average volume of 13,925. Nexalin Technology has a fifty-two week low of $4.51 and a fifty-two week high of $60.00. The company has a 50-day simple moving average of $10.14 and a 200-day simple moving average of $11.62. The firm has a market cap of $3.54 million, a PE ratio of -0.33 and a beta of 3.95.

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

Hedge Funds Weigh In On Nexalin Technology

A number of large investors have recently added to or reduced their stakes in NXL. PEAK6 LLC acquired a new stake in shares of Nexalin Technology in the second quarter valued at about $79,000. Renaissance Technologies LLC boosted 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 worth $68,000 after buying an additional 66,400 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Nexalin Technology by 23.4% in 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. Finally, Susquehanna International Group LLP purchased a new stake in Nexalin Technology during the 3rd quarter worth approximately $57,000. 0.65% of the stock is currently owned by institutional investors and hedge funds.

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.