Freight Technologies (NASDAQ:FRGT) Issues Quarterly Earnings Results

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

Freight Technologies Stock Performance

NASDAQ:FRGT traded down $0.32 during trading hours on Thursday, reaching $0.61. The stock had a trading volume of 595,013 shares, compared to its average volume of 73,641. Freight Technologies has a 52 week low of $0.60 and a 52 week high of $22.60. The company has a 50 day moving average price of $0.95 and a two-hundred day moving average price of $2.03.

Freight Technologies’s stock is scheduled 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.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Wall Street Zen downgraded Freight Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Weiss Ratings raised Freight Technologies from a “sell (e)” rating to a “sell (e+)” rating in a research note 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.