Short Interest in Freight Technologies, Inc. (NASDAQ:FRGT) Decreases By 73.6%

Freight Technologies, Inc. (NASDAQ:FRGT) was the recipient of a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 23,099 shares, a decrease of 73.6% from the June 15th total of 87,383 shares. Based on an average daily volume of 144,522 shares, the short-interest ratio is currently 0.2 days. Approximately 4.4% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of brokerages have commented on FRGT. Weiss Ratings downgraded Freight Technologies from a “sell (e+)” rating to a “sell (e)” rating in a research report on Tuesday, July 7th. Wall Street Zen lowered shares of Freight Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Freight Technologies Trading Up 4.6%

Freight Technologies stock traded up $0.17 during mid-day trading on Friday, hitting $3.89. The stock had a trading volume of 44,216 shares, compared to its average volume of 159,957. The stock has a market capitalization of $2.22 million, a PE ratio of -0.04 and a beta of 1.10. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.10. Freight Technologies has a 12 month low of $2.51 and a 12 month high of $56.50. The stock has a 50-day simple moving average of $3.97 and a two-hundred day simple moving average of $5.53.

Freight Technologies (NASDAQ:FRGT) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($57.70) EPS for the quarter. Freight Technologies had a negative return on equity of 95.48% and a negative net margin of 60.49%.The business had revenue of $3.52 million for the quarter.

About Freight Technologies

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.