Nexalin Technology (NASDAQ:NXL) Shares Up 1.7% – Here’s Why

Nexalin Technology, Inc. (NASDAQ:NXL) shot up 1.7% during mid-day trading on Monday . The company traded as high as $1.24 and last traded at $1.23. 30,782 shares changed hands during trading, a decline of 98% from the average session volume of 1,249,129 shares. The stock had previously closed at $1.21.

Wall Street Analyst Weigh In

Separately, Maxim Group raised Nexalin Technology from a “hold” rating to a “buy” rating and set a $5.00 price target on the stock in a report on Monday, March 24th.

Nexalin Technology Stock Up 1.7%

The stock has a fifty day moving average of $1.66 and a 200-day moving average of $2.64. The stock has a market cap of $21.13 million, a PE ratio of -1.92 and a beta of 4.67.

Nexalin Technology (NASDAQ:NXL) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.05). Nexalin Technology had a negative net margin of 3,407.98% and a negative return on equity of 187.59%. The business had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $0.04 million.

Institutional Investors Weigh In On Nexalin Technology

A number of institutional investors have recently added to or reduced their stakes in NXL. Geode Capital Management LLC boosted its holdings in Nexalin Technology by 36.3% in the 4th quarter. Geode Capital Management LLC now owns 107,241 shares of the company’s stock valued at $296,000 after purchasing an additional 28,544 shares in the last quarter. Drive Wealth Management LLC purchased a new stake in Nexalin Technology in the 4th quarter valued at approximately $55,000. XTX Topco Ltd purchased a new stake in Nexalin Technology in the 4th quarter valued at approximately $46,000. Northern Trust Corp purchased a new stake in Nexalin Technology in the 4th quarter valued at approximately $36,000. Finally, Jane Street Group LLC acquired a new stake in shares of Nexalin Technology during the 4th quarter valued at approximately $28,000. Hedge funds and other institutional investors own 0.65% of the company’s stock.

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.