Nexalin Technology (NASDAQ:NXL) Raised to “Buy” at Maxim Group

Nexalin Technology (NASDAQ:NXL) was upgraded by stock analysts at Maxim Group from a “hold” rating to a “buy” rating in a research note issued to investors on Monday,Benzinga reports. The firm presently has a $5.00 price target on the stock. Maxim Group’s price objective indicates a potential upside of 110.08% from the company’s previous close.

Nexalin Technology Price Performance

NXL stock opened at $2.38 on Monday. The company has a 50 day moving average price of $2.79 and a 200 day moving average price of $2.55. Nexalin Technology has a fifty-two week low of $0.48 and a fifty-two week high of $4.49. The stock has a market capitalization of $31.66 million, a PE ratio of -3.72 and a beta of 4.33.

Nexalin Technology (NASDAQ:NXL) last issued its quarterly earnings results on Friday, March 14th. The company reported ($0.28) earnings per share (EPS) for the quarter. The firm had revenue of $0.03 million for the quarter. Nexalin Technology had a negative net margin of 3,407.98% and a negative return on equity of 187.59%.

Institutional Investors Weigh In On Nexalin Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in Nexalin Technology by 36.3% during the 4th quarter. Geode Capital Management LLC now owns 107,241 shares of the company’s stock worth $296,000 after acquiring an additional 28,544 shares during the period. Drive Wealth Management LLC bought a new stake in Nexalin Technology in the fourth quarter valued at about $55,000. XTX Topco Ltd acquired a new position in Nexalin Technology in the fourth quarter valued at about $46,000. Northern Trust Corp acquired a new position in shares of Nexalin Technology during the 4th quarter worth about $36,000. Finally, Jane Street Group LLC bought a new stake in shares of Nexalin Technology in the 4th quarter valued at about $28,000. 0.65% of the stock is owned by institutional investors.

Nexalin Technology Company Profile

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.