Short Interest in Freight Technologies, Inc. (NASDAQ:FRGT) Decreases By 86.3%

Freight Technologies, Inc. (NASDAQ:FRGT) was the target of a significant drop in short interest in December. As of December 15th, there was short interest totaling 92,680 shares, a drop of 86.3% from the November 30th total of 674,392 shares. Approximately 18.5% of the company’s stock are sold short. Based on an average daily trading volume, of 134,786 shares, the days-to-cover ratio is currently 0.7 days. Based on an average daily trading volume, of 134,786 shares, the days-to-cover ratio is currently 0.7 days. Approximately 18.5% of the company’s stock are sold short.

Freight Technologies Stock Performance

FRGT traded down $0.07 on Wednesday, hitting $2.14. 75,627 shares of the company were exchanged, compared to its average volume of 486,665. The stock’s fifty day moving average is $4.20 and its 200-day moving average is $6.64. Freight Technologies has a 12 month low of $2.03 and a 12 month high of $69.80. The company has a market cap of $1.17 million, a PE ratio of -0.12 and a beta of 1.13.

Freight Technologies (NASDAQ:FRGT) last posted its quarterly earnings results on Tuesday, December 9th. The company reported ($5.65) earnings per share for the quarter. Freight Technologies had a negative net margin of 40.28% and a negative return on equity of 73.48%. The company had revenue of $2.46 million during the quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FRGT shares. Wall Street Zen raised Freight Technologies to a “hold” rating in a research report on Saturday, December 13th. Weiss Ratings reissued a “sell (e)” rating on shares of Freight Technologies in a research report on Monday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

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.