Freight Technologies, Inc. (NASDAQ:FRGT) Sees Significant Decline in Short Interest

Freight Technologies, Inc. (NASDAQ:FRGT) was the recipient of a significant drop in short interest during the month of December. As of December 31st, there was short interest totaling 37,023 shares, a drop of 60.1% from the December 15th total of 92,680 shares. Currently, 7.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 108,359 shares, the short-interest ratio is presently 0.3 days. Based on an average daily trading volume, of 108,359 shares, the short-interest ratio is presently 0.3 days. Currently, 7.4% of the shares of the stock are short sold.

Freight Technologies Price Performance

Shares of Freight Technologies stock traded down $0.09 during trading hours on Thursday, reaching $1.55. The company’s stock had a trading volume of 23,336 shares, compared to its average volume of 92,499. The firm has a 50 day moving average price of $2.98 and a 200-day moving average price of $5.72. The stock has a market cap of $852,500.00, a P/E ratio of -0.09 and a beta of 1.03. Freight Technologies has a one year low of $1.48 and a one year high of $69.80.

Freight Technologies (NASDAQ:FRGT) last issued its quarterly earnings data on Tuesday, December 9th. The company reported ($5.65) earnings per share for the quarter. The company had revenue of $2.46 million for the quarter. Freight Technologies had a negative return on equity of 73.48% and a negative net margin of 40.28%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FRGT shares. Weiss Ratings reaffirmed a “sell (e)” rating on shares of Freight Technologies in a research note on Monday, December 22nd. Wall Street Zen upgraded Freight Technologies to a “hold” rating in a research report on Saturday, December 13th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has an average rating of “Sell”.

Freight Technologies Company Profile

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.