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

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a significant 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. Based on an average daily volume of 2,756,848 shares, the short-interest ratio is currently 0.4 days. Approximately 7.7% of the company’s shares are short sold.

Hedge Funds Weigh In On Nexalin Technology

Several large investors have recently modified their holdings of the stock. Susquehanna International Group LLP bought a new position in shares of Nexalin Technology during the 3rd quarter valued at approximately $57,000. Renaissance Technologies LLC raised its holdings in shares of Nexalin Technology by 119.2% during the 4th quarter. Renaissance Technologies LLC now owns 122,100 shares of the company’s stock worth $68,000 after acquiring an additional 66,400 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Nexalin Technology by 23.4% during the 4th quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock worth $84,000 after acquiring an additional 28,454 shares in the last quarter. Finally, PEAK6 LLC purchased a new stake in Nexalin Technology during the 4th quarter valued at $266,000. Hedge funds and other institutional investors own 0.65% of the company’s stock.

Nexalin Technology Stock Down 8.8%

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

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

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.