Freight Technologies Stock to Reverse Split on Monday, May 18th (NASDAQ:FRGT)

Shares of Freight Technologies, Inc. (NASDAQ:FRGT) are 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 market closes on Sunday, May 17th.

Freight Technologies Stock Down 34.3%

Shares of NASDAQ FRGT traded down $0.32 during mid-day trading on Thursday, hitting $0.61. The company’s stock had a trading volume of 595,013 shares, compared to its average volume of 73,641. Freight Technologies has a one year low of $0.60 and a one year high of $22.60. The company’s fifty day simple moving average is $0.95 and its 200-day simple moving average is $2.03.

Freight Technologies (NASDAQ:FRGT) last issued its earnings results on Thursday, May 14th. The company reported $999.00 earnings per share (EPS) for the quarter. Freight Technologies had a negative net margin of 40.28% and a negative return on equity of 73.48%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. 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 upgraded shares of Freight Technologies from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus 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.