Nexalin Technology, Inc. (NASDAQ:NXL) Sees Large Growth in Short Interest

Nexalin Technology, Inc. (NASDAQ:NXL) was the recipient of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 1,290,000 shares, an increase of 1,281.2% from the October 15th total of 93,400 shares. Based on an average daily trading volume, of 1,440,000 shares, the days-to-cover ratio is currently 0.9 days. Currently, 16.0% of the company’s stock are short sold.

Institutional Trading of Nexalin Technology

An institutional investor recently bought a new position in Nexalin Technology stock. CVI Holdings LLC bought a new position in Nexalin Technology, Inc. (NASDAQ:NXL) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 55,462 shares of the company’s stock, valued at approximately $94,000. CVI Holdings LLC owned 0.52% of Nexalin Technology as of its most recent filing with the SEC. 0.65% of the stock is owned by hedge funds and other institutional investors.

Nexalin Technology Stock Up 3.7 %

Shares of NASDAQ NXL traded up $0.14 during trading on Wednesday, reaching $3.92. 1,622,261 shares of the company traded hands, compared to its average volume of 1,470,989. The firm has a 50 day simple moving average of $1.40 and a 200-day simple moving average of $1.27. Nexalin Technology has a 52-week low of $0.25 and a 52-week high of $4.20. The stock has a market capitalization of $50.41 million, a PE ratio of -6.12 and a beta of 3.50.

Nexalin Technology (NASDAQ:NXL) last issued its earnings results on Friday, November 8th. The company reported ($0.23) earnings per share (EPS) for the quarter. The company had revenue of $0.04 million during the quarter. Nexalin Technology had a negative return on equity of 187.59% and a negative net margin of 3,407.98%.

Analysts Set New Price Targets

Separately, Maxim Group started coverage on Nexalin Technology in a research note on Wednesday, October 9th. They issued a “buy” rating and a $3.00 price target for the company.

About Nexalin Technology

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.