Short Interest in Nexalin Technology, Inc. (NASDAQ:NXL) Grows By 94.4%

Nexalin Technology, Inc. (NASDAQ:NXL) saw a large growth in short interest during the month of May. As of May 29th, there was short interest totaling 1,180,877 shares, a growth of 94.4% from the May 14th total of 607,378 shares. Currently, 7.7% of the company’s shares are sold short. Based on an average trading volume of 2,756,848 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Investors Weigh In On Nexalin Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NXL. Susquehanna International Group LLP purchased a new position in shares of Nexalin Technology in the third quarter worth about $57,000. Renaissance Technologies LLC raised its stake in shares of Nexalin Technology by 119.2% in the fourth quarter. Renaissance Technologies LLC now owns 122,100 shares of the company’s stock worth $68,000 after purchasing an additional 66,400 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Nexalin Technology by 23.4% in the fourth quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock worth $84,000 after purchasing an additional 28,454 shares during the last quarter. Finally, PEAK6 LLC purchased a new position in shares of Nexalin Technology in the fourth quarter worth about $266,000. 0.65% of the stock is currently owned by hedge funds and other institutional investors.

Nexalin Technology Stock Performance

Nexalin Technology stock traded down $0.04 during mid-day trading on Friday, hitting $0.43. The company’s stock had a trading volume of 83,778 shares, compared to its average volume of 1,432,841. The company has a 50 day moving average of $0.42 and a 200-day moving average of $0.55. The stock has a market cap of $8.87 million, a PE ratio of -0.92 and a beta of 3.80. Nexalin Technology has a one year low of $0.31 and a one year high of $2.00.

Nexalin Technology (NASDAQ:NXL) last posted its quarterly earnings results on Friday, May 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). Nexalin Technology had a negative return on equity of 191.88% and a negative net margin of 3,018.12%.The firm had revenue of $0.01 million for the quarter, compared to the consensus estimate of $0.02 million.

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.