Nexalin Technology (NASDAQ:NXL) Trading Up 5.5% – Here’s Why

Nexalin Technology, Inc. (NASDAQ:NXL)’s stock price rose 5.5% during mid-day trading on Thursday . The stock traded as high as $2.88 and last traded at $2.88. Approximately 301,249 shares were traded during trading, a decline of 78% from the average daily volume of 1,371,382 shares. The stock had previously closed at $2.73.

Wall Street Analyst Weigh In

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

Nexalin Technology Stock Up 5.5 %

The business has a 50-day moving average price of $3.30 and a 200-day moving average price of $1.84. The firm has a market capitalization of $38.32 million, a P/E ratio of -4.50 and a beta of 3.78.

Nexalin Technology (NASDAQ:NXL) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.23) earnings per share (EPS) for the quarter. 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.

Hedge Funds Weigh In On 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 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 55,462 shares of the company’s stock, valued at approximately $94,000. CVI Holdings LLC owned approximately 0.52% of Nexalin Technology at the end of the most recent reporting period. 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.