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 during the month of March. As of March 15th, there was short interest totalling 278,300 shares, a decline of 21.3% from the February 28th total of 353,700 shares. Based on an average daily trading volume, of 318,500 shares, the short-interest ratio is currently 0.9 days. Approximately 2.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Nexalin Technology

Several hedge funds have recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC bought a new stake in Nexalin Technology in the fourth quarter worth about $28,000. Drive Wealth Management LLC purchased a new stake in shares of Nexalin Technology in the fourth quarter worth approximately $55,000. Jane Street Group LLC bought a new stake in shares of Nexalin Technology during the 4th quarter worth approximately $28,000. Northern Trust Corp purchased a new position in Nexalin Technology during the 4th quarter valued at $36,000. Finally, Geode Capital Management LLC boosted its holdings in Nexalin Technology by 36.3% during the 4th quarter. Geode Capital Management LLC now owns 107,241 shares of the company’s stock valued at $296,000 after acquiring an additional 28,544 shares during the period. 0.65% of the stock is currently owned by institutional investors.

Nexalin Technology Stock Performance

Shares of Nexalin Technology stock opened at $1.91 on Monday. The stock has a market cap of $25.41 million, a price-to-earnings ratio of -2.98 and a beta of 4.33. The stock has a 50 day moving average price of $2.71 and a 200-day moving average price of $2.59. Nexalin Technology has a one year low of $0.53 and a one year high of $4.49.

Nexalin Technology (NASDAQ:NXL) last posted its quarterly earnings data on Friday, March 14th. The company reported ($0.28) EPS for the quarter. Nexalin Technology had a negative return on equity of 187.59% and a negative net margin of 3,407.98%. The firm had revenue of $0.03 million for the quarter.

Analysts Set New Price Targets

Separately, Maxim Group raised shares of Nexalin Technology from a “hold” rating to a “buy” rating and set a $5.00 price target for the company in a report on Monday, March 24th.

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.