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

Nexalin Technology (NASDAQ:NXL) was upgraded by research analysts at Maxim Group from a “hold” rating to a “buy” rating in a report released on Monday,Benzinga reports. The firm currently has a $5.00 price objective on the stock. Maxim Group’s target price would suggest a potential upside of 131.48% from the company’s previous close.

Nexalin Technology Stock Performance

Shares of NXL stock opened at $2.16 on Monday. The firm’s 50 day moving average price is $2.78 and its two-hundred day moving average price is $2.57. The stock has a market cap of $28.74 million, a PE ratio of -3.37 and a beta of 4.33. Nexalin Technology has a 52-week low of $0.50 and a 52-week high of $4.49.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Kingsview Wealth Management LLC acquired a new position in shares of Nexalin Technology in the 4th quarter valued at approximately $28,000. Drive Wealth Management LLC bought a new stake in Nexalin Technology in the 4th quarter valued at approximately $55,000. Jane Street Group LLC acquired a new position in Nexalin Technology during the 4th quarter worth approximately $28,000. Northern Trust Corp bought a new position in shares of Nexalin Technology during the 4th quarter worth approximately $36,000. Finally, Geode Capital Management LLC raised its holdings in shares of Nexalin Technology by 36.3% in the fourth 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 during the last quarter. 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.