Freight Technologies, Inc. (NASDAQ:FRGT) Short Interest Up 644.0% in August

Freight Technologies, Inc. (NASDAQ:FRGT) saw a significant growth in short interest during the month of August. As of August 14th, there was short interest totaling 191,486 shares, a growth of 644.0% from the July 30th total of 25,737 shares. Currently, 36.8% of the shares of the company are sold short. Based on an average trading volume of 1,491,540 shares, the days-to-cover ratio is currently 0.1 days.

Freight Technologies Trading Down 5.6%

Shares of FRGT stock opened at $1.51 on Wednesday. The company’s fifty day simple moving average is $3.26 and its two-hundred day simple moving average is $4.27. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.00 and a quick ratio of 1.00. Freight Technologies has a 1 year low of $1.47 and a 1 year high of $51.50. The stock has a market capitalization of $860,700.00, a price-to-earnings ratio of -0.02 and a beta of 1.11.

Wall Street Analysts Forecast Growth

FRGT has been the topic of several research analyst reports. Wall Street Zen cut Freight Technologies to a “strong sell” rating in a research report on Saturday, August 15th. Weiss Ratings raised Freight Technologies from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Freight Technologies 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.