Freight Technologies, Inc. (NASDAQ:FRGT) Sees Large Growth in Short Interest

Freight Technologies, Inc. (NASDAQ:FRGT) was the target of a large growth in short interest in June. As of June 15th, there was short interest totaling 87,383 shares, a growth of 103.7% from the May 31st total of 42,900 shares. Approximately 16.8% of the company’s stock are short sold. Based on an average daily volume of 406,823 shares, the days-to-cover ratio is currently 0.2 days.

Analyst Ratings Changes

FRGT has been the topic of a number of recent research reports. Weiss Ratings raised shares of Freight Technologies from a “sell (e)” rating to a “sell (e+)” rating in a research note on Monday, June 15th. Wall Street Zen lowered Freight Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. One 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 Stock Performance

NASDAQ FRGT traded down $0.09 during trading on Tuesday, hitting $3.93. 40,470 shares of the company’s stock traded hands, compared to its average volume of 182,034. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $2.24 million, a price-to-earnings ratio of -0.05 and a beta of 1.15. Freight Technologies has a 12-month low of $2.51 and a 12-month high of $56.50. The business has a 50 day moving average of $4.02 and a 200-day moving average of $6.15.

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.