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

by · The Cerbat Gem

Freight Technologies, Inc. (NASDAQ:FRGT – Get Free Report) saw a significant drop in short interest in August. As of August 31st, there was short interest totaling 27,430 shares, a drop of 85.7% from the August 15th total of 191,486 shares. Based on an average daily volume of 124,742 shares, the days-to-cover ratio is presently 0.2 days. Currently, 5.3% of the company’s stock are sold short.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings downgraded shares of Freight Technologies from a “sell (e+)” rating to a “sell (e)” rating in a report on Wednesday. Wall Street Zen downgraded shares of Freight Technologies to a “strong sell” rating in a research report on Saturday, August 15th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Freight Technologies presently has an average rating of “Sell”.

Get Our Latest Stock Analysis on Freight Technologies

Freight Technologies Stock Down 6.2%

NASDAQ:FRGT traded down $0.06 during mid-day trading on Friday, hitting $0.92. 101,029 shares of the company’s stock traded hands, compared to its average volume of 245,909. The company has a fifty day moving average of $2.58 and a 200 day moving average of $3.82. 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 company has a market capitalization of $523,830.00, a P/E ratio of -0.01 and a beta of 1.05. Freight Technologies has a twelve month low of $0.86 and a twelve month high of $51.50.

Freight Technologies Company Profile

(Get Free Report)

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.

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