Short Interest in Freight Technologies, Inc. (NASDAQ:FRGT) Rises By 70.3%

Freight Technologies, Inc. (NASDAQ:FRGT) was the recipient of a significant growth in short interest in the month of July. As of July 15th, there was short interest totaling 39,339 shares, a growth of 70.3% from the June 30th total of 23,099 shares. Currently, 7.6% of the company’s stock are sold short. Based on an average daily volume of 172,576 shares, the short-interest ratio is presently 0.2 days.

Freight Technologies Trading Up 6.9%

Shares of Freight Technologies stock opened at $2.94 on Friday. The company has a market capitalization of $1.68 million, a P/E ratio of -0.03 and a beta of 1.10. The stock has a fifty day simple moving average of $3.88 and a 200 day simple moving average of $4.89. Freight Technologies has a 12-month low of $2.51 and a 12-month high of $51.50. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.10.

Freight Technologies (NASDAQ:FRGT) last posted its earnings results on Thursday, May 14th. The company reported ($57.70) earnings per share (EPS) for the quarter. Freight Technologies had a negative return on equity of 95.48% and a negative net margin of 60.49%.The firm had revenue of $3.52 million during the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Freight Technologies from a “sell (e)” rating to a “sell (e+)” rating in a research report on Thursday, July 23rd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

About Freight Technologies

Freight Technologies, Inc (NASDAQ: FRGT) is a special purpose acquisition company incorporated in Delaware on November 17, 2020. The company was formed to raise capital through an initial public offering and to effect a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination with one or more businesses, with a primary focus on the freight, transportation and logistics sectors.

Freight Technologies seeks to leverage its blank-check structure to target companies involved in freight transportation, supply chain management and technology-enabled logistics services.