Nexalin Technology, Inc. (NASDAQ:NXL) Short Interest Down 96.0% in August

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. PEAK6 LLC purchased a new position in Nexalin Technology in the fourth quarter valued at $266,000. Renaissance Technologies LLC raised its position 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 in the last quarter. Geode Capital Management LLC boosted 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 purchased a new position in shares of Nexalin Technology in the 3rd quarter valued at about $57,000. Hedge funds and other institutional investors own 0.65% of the company’s stock.

Nexalin Technology Trading Down 3.6%

NXL traded down $0.18 during mid-day trading on Thursday, hitting $4.87. 57,270 shares of the stock were exchanged, compared to its average volume of 11,138. The firm’s fifty day moving average is $10.26 and its two-hundred day moving average is $11.67. Nexalin Technology has a 1-year low of $4.51 and a 1-year high of $60.00. The company has a market cap of $3.56 million, a PE ratio of -0.34 and a beta of 3.95.

Nexalin Technology (NASDAQ:NXL) last released its earnings results on Wednesday, August 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($3.00) by $2.89. The company had revenue of $0.01 million during 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%.

About Nexalin Technology

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.