Nexalin Technology (NASDAQ:NXL) Stock Price Up 2.9% – Still a Buy?

Nexalin Technology, Inc. (NASDAQ:NXL)’s stock price rose 2.9% during trading on Monday . The company traded as high as $0.5149 and last traded at $0.4913. 202,584 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 261,259 shares. The stock had previously closed at $0.4775.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Nexalin Technology in a research note on Wednesday, July 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Nexalin Technology Stock Performance

The firm has a 50-day moving average of $0.42 and a 200-day moving average of $0.46. The firm has a market capitalization of $10.81 million, a P/E ratio of -1.05 and a beta of 4.00.

Nexalin Technology (NASDAQ:NXL) last announced its quarterly earnings data 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 $0.01 million. Nexalin Technology had a negative net margin of 3,018.12% and a negative return on equity of 191.88%.

Institutional Investors Weigh In On Nexalin Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Susquehanna International Group LLP purchased a new stake in Nexalin Technology during the 3rd quarter valued at $57,000. Renaissance Technologies LLC increased its position in shares of Nexalin Technology by 119.2% in the fourth quarter. Renaissance Technologies LLC now owns 122,100 shares of the company’s stock valued at $68,000 after acquiring an additional 66,400 shares during the period. Geode Capital Management LLC increased its position in shares of Nexalin Technology by 23.4% in the fourth quarter. Geode Capital Management LLC now owns 150,274 shares of the company’s stock valued at $84,000 after acquiring an additional 28,454 shares during the period. Finally, PEAK6 LLC purchased a new position in shares of Nexalin Technology in the fourth quarter valued at about $266,000. 0.65% of the stock is currently owned by institutional investors.

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.