Freight Technologies, Inc. (NASDAQ:FRGT) Short Interest Down 57.2% in April

Freight Technologies, Inc. (NASDAQ:FRGT) saw a large drop in short interest during the month of April. As of April 30th, there was short interest totaling 32,809 shares, a drop of 57.2% from the April 15th total of 76,611 shares. Currently, 6.5% of the shares of the company are sold short. Based on an average trading volume of 86,253 shares, the short-interest ratio is currently 0.4 days.

Freight Technologies Trading Down 16.4%

FRGT traded down $0.10 during midday trading on Friday, hitting $0.51. 188,968 shares of the company were exchanged, compared to its average volume of 606,866. The company’s 50 day simple moving average is $0.94 and its 200 day simple moving average is $2.00. The firm has a market capitalization of $280,555.00, a price-to-earnings ratio of -0.03 and a beta of 1.05. Freight Technologies has a 1-year low of $0.50 and a 1-year high of $20.80.

Freight Technologies shares are set to reverse split on the morning of 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

A number of equities analysts recently issued reports on FRGT shares. Wall Street Zen lowered Freight Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Weiss Ratings upgraded Freight Technologies from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus 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.