Short Interest in Nexalin Technology, Inc. (NASDAQ:NXL) Rises By 31.4%

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 508,600 shares, an increase of 31.4% from the January 15th total of 387,000 shares. Currently, 4.9% of the shares of the company are sold short. Based on an average daily volume of 607,900 shares, the short-interest ratio is presently 0.8 days.

Institutional Investors Weigh In On Nexalin Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of Nexalin Technology by 36.3% in the fourth quarter. Geode Capital Management LLC now owns 107,241 shares of the company’s stock valued at $296,000 after buying an additional 28,544 shares during the last quarter. Drive Wealth Management LLC acquired a new stake in shares of Nexalin Technology in the fourth quarter valued at about $55,000. XTX Topco Ltd acquired a new stake in shares of Nexalin Technology in the fourth quarter valued at about $46,000. Northern Trust Corp acquired a new stake in shares of Nexalin Technology in the fourth quarter valued at about $36,000. Finally, Jane Street Group LLC acquired a new stake in shares of Nexalin Technology in the fourth quarter valued at about $28,000. Hedge funds and other institutional investors own 0.65% of the company’s stock.

Nexalin Technology Price Performance

NASDAQ NXL traded up $0.10 on Friday, hitting $3.31. The company had a trading volume of 255,000 shares, compared to its average volume of 401,797. The company has a market capitalization of $44.02 million, a PE ratio of -5.17 and a beta of 4.20. The company’s fifty day moving average price is $3.12 and its 200-day moving average price is $2.26. Nexalin Technology has a 12-month low of $0.29 and a 12-month high of $4.49.

Wall Street Analysts Forecast Growth

Separately, Maxim Group reissued a “hold” rating on shares of Nexalin Technology in a report on Thursday, December 5th.

Nexalin Technology Company Profile

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.