Freight Technologies (NASDAQ:FRGT) Announces Quarterly Earnings Results

Freight Technologies (NASDAQ:FRGT) announced its earnings results on Thursday. The company reported $999.00 EPS for the quarter, Zacks reports. Freight Technologies had a negative net margin of 40.28% and a negative return on equity of 73.48%.

Freight Technologies Price Performance

Shares of NASDAQ FRGT opened at $0.61 on Friday. The firm has a fifty day moving average price of $0.94 and a 200-day moving average price of $2.00. The stock has a market cap of $335,555.00, a PE ratio of -0.03 and a beta of 1.05. Freight Technologies has a 1 year low of $0.60 and a 1 year high of $22.60.

Freight Technologies’s stock is scheduled to reverse split on the morning of Monday, May 18th. The 1-5 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, May 17th.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FRGT shares. Wall Street Zen downgraded shares of Freight Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Weiss Ratings raised Freight Technologies from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, May 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock 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.