Freight Technologies (NASDAQ:FRGT) Trading Down 12% – Here’s Why

Freight Technologies, Inc. (NASDAQ:FRGT) dropped 12% on Thursday . The company traded as low as $1.03 and last traded at $1.03. Approximately 976,442 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 7,230,909 shares. The stock had previously closed at $1.17.

Analyst Ratings Changes

FRGT has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Freight Technologies from a “sell” rating to a “hold” rating in a research note on Friday, August 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Freight Technologies in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Freight Technologies Trading Down 12.0%

The stock’s 50 day moving average price is $1.28 and its 200 day moving average price is $2.18. The company has a market capitalization of $2.83 million, a price-to-earnings ratio of -0.36 and a beta of 1.17.

Freight Technologies (NASDAQ:FRGT) last issued its quarterly earnings results on Monday, August 18th. The company reported $0.02 EPS for the quarter. The company had revenue of $2.99 million for the quarter.

Freight Technologies Company Profile

Freight Technologies, Inc, through its subsidiary, operates a transportation logistics technology platform for cross-border shipping in the United States and Mexico. Its Fr8App technology platform offers an online portal and a mobile application that provide third-party logistics services to companies in the freight transportation market; a transport management solution for customers to manage their own fleet; and freight brokerage support and customer services based on the platform.