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

Freight Technologies, Inc. (NASDAQ:FRGT) was the target of a large decrease in short interest during 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 trading volume, of 144,522 shares, the short-interest ratio is presently 0.2 days. Approximately 4.4% of the shares of the company are short sold.

Analyst Ratings Changes

A number of research firms have issued reports on FRGT. Wall Street Zen cut Freight Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Weiss Ratings cut shares of Freight Technologies from a “sell (e+)” rating to a “sell (e)” rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

Freight Technologies Trading Up 4.6%

FRGT stock traded up $0.17 during mid-day trading on Friday, reaching $3.89. 44,216 shares of the stock traded hands, compared to its average volume of 159,957. The stock’s fifty day moving average is $3.97 and its 200-day moving average is $5.53. Freight Technologies has a 52-week low of $2.51 and a 52-week high of $56.50. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.10. The company has a market cap of $2.22 million, a P/E ratio of -0.04 and a beta of 1.10.

Freight Technologies (NASDAQ:FRGT) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($57.70) earnings per share for the quarter. Freight Technologies had a negative return on equity of 95.48% and a negative net margin of 60.49%.The firm 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.