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

Freight Technologies, Inc. (NASDAQ:FRGT) was the recipient of a large drop in short interest in 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. Based on an average trading volume of 86,253 shares, the short-interest ratio is currently 0.4 days. Approximately 6.5% of the shares of the stock are short sold.

Freight Technologies Stock Down 16.4%

Shares of NASDAQ:FRGT traded down $0.10 during trading on Friday, reaching $0.51. 188,968 shares of the company’s stock traded hands, compared to its average volume of 606,866. Freight Technologies has a fifty-two week low of $0.50 and a fifty-two week high of $20.80. The firm has a market cap of $280,555.00, a PE ratio of -0.03 and a beta of 1.05. The company has a 50-day simple moving average of $0.94 and a 200-day simple moving average of $2.00.

Shares of Freight Technologies 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 market closes on Sunday, May 17th.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FRGT shares. Weiss Ratings upgraded Freight Technologies from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 8th. Wall Street Zen cut Freight Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company 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.