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

Nexalin Technology, Inc. (NASDAQ:NXL) traded up 2.9% during mid-day trading on Monday . The stock traded as high as $0.5149 and last traded at $0.4913. Approximately 202,584 shares changed 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 Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Nexalin Technology in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of “Sell”.

Nexalin Technology Stock Performance

The company has a 50-day simple moving average of $0.42 and a two-hundred day simple 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 earnings results on Friday, May 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $0.01 million during the quarter, compared to the consensus estimate of $0.01 million. Nexalin Technology had a negative return on equity of 191.88% and a negative net margin of 3,018.12%.

Hedge Funds Weigh In On Nexalin Technology

A number of institutional investors have recently added to or reduced their stakes in NXL. PEAK6 LLC purchased a new position in Nexalin Technology during the fourth quarter valued at $266,000. Renaissance Technologies LLC grew its position in shares of Nexalin Technology by 119.2% in the 4th quarter. Renaissance Technologies LLC now owns 122,100 shares of the company’s stock worth $68,000 after buying an additional 66,400 shares during the period. Susquehanna International Group LLP purchased a new stake in shares of Nexalin Technology in the 3rd quarter worth about $57,000. Finally, Geode Capital Management LLC increased its stake in shares of Nexalin Technology by 23.4% in 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. Institutional investors own 0.65% of the company’s stock.

Nexalin Technology Company Profile

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.