Short Interest in Nexalin Technology, Inc. (NASDAQ:NXL) Drops By 51.7%

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 622,600 shares, a drop of 51.7% from the October 31st total of 1,290,000 shares. Currently, 6.3% of the shares of the company are short sold. Based on an average trading volume of 1,580,000 shares, the short-interest ratio is presently 0.4 days.

Institutional Investors Weigh In On Nexalin Technology

An institutional investor recently bought a new position in Nexalin Technology stock. CVI Holdings LLC acquired a new position in shares of Nexalin Technology, Inc. (NASDAQ:NXL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 55,462 shares of the company’s stock, valued at approximately $94,000. CVI Holdings LLC owned 0.52% of Nexalin Technology at the end of the most recent reporting period. 0.65% of the stock is currently owned by hedge funds and other institutional investors.

Nexalin Technology Price Performance

NXL stock opened at $4.27 on Thursday. Nexalin Technology has a fifty-two week low of $0.25 and a fifty-two week high of $4.36. The stock has a market capitalization of $54.91 million, a price-to-earnings ratio of -6.67 and a beta of 3.50. The business’s fifty day moving average price is $2.10 and its two-hundred day moving average price is $1.46.

Nexalin Technology (NASDAQ:NXL) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.23) EPS for the quarter. The business had revenue of $0.04 million for the quarter. Nexalin Technology had a negative return on equity of 187.59% and a negative net margin of 3,407.98%.

Analysts Set New Price Targets

Separately, Maxim Group initiated coverage on Nexalin Technology in a research report on Wednesday, October 9th. They issued a “buy” rating and a $3.00 target price on the stock.

About Nexalin Technology

Nexalin Technology, Inc, a medical device company, designs and develops neurostimulation products for the treatment of mental health in the United States and China. The company designs and develops Generation 2 and Generation 3, that is in clinical trials for the treatment of substance abuse issues related to opiate, cocaine, alcohol abuse, alzheimer's disease, and dementia.