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

Freight Technologies, Inc. (NASDAQ:FRGT) shares are set to reverse split before the market opens on 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.

Freight Technologies Price Performance

Shares of 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. The company’s 50-day moving average is $0.95 and its 200-day moving average is $2.03. Freight Technologies has a 52-week low of $0.60 and a 52-week high of $22.60.

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

Analysts Set New Price Targets

FRGT has been the subject of a number of analyst reports. Wall Street Zen cut shares of Freight Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Weiss Ratings raised shares of Freight Technologies from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently 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.