Nexalin Technology, Inc. (NASDAQ:NXL) Sees Significant Increase in Short Interest

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 568,576 shares, a growth of 286.2% from the January 29th total of 147,226 shares. Based on an average trading volume of 849,769 shares, the short-interest ratio is currently 0.7 days. Approximately 4.1% of the shares of the stock are short sold. Approximately 4.1% of the shares of the stock are short sold. Based on an average trading volume of 849,769 shares, the short-interest ratio is currently 0.7 days.

Wall Street Analyst Weigh In

Several brokerages have commented on NXL. Weiss Ratings reissued a “sell (d-)” rating on shares of Nexalin Technology in a report on Monday, December 29th. Wall Street Zen lowered shares of Nexalin Technology from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. PEAK6 LLC purchased a new stake in shares of Nexalin Technology in the fourth quarter valued at about $266,000. 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 valued at $68,000 after purchasing an additional 66,400 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Nexalin Technology by 23.4% in the 4th quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock valued at $84,000 after buying an additional 28,454 shares during the period. Finally, Susquehanna International Group LLP acquired a new stake in shares of Nexalin Technology during the 3rd quarter worth approximately $57,000. Hedge funds and other institutional investors own 0.65% of the company’s stock.

Nexalin Technology Trading Down 10.0%

NXL stock opened at $0.47 on Friday. The company has a market cap of $8.77 million, a price-to-earnings ratio of -0.71 and a beta of 3.95. The firm has a 50-day moving average of $0.59 and a two-hundred day moving average of $0.90. Nexalin Technology has a 12 month low of $0.37 and a 12 month high of $2.79.

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.