Freight Technologies (NASDAQ:FRGT) Shares to Reverse Split on Monday, May 18th

Freight Technologies, Inc. (NASDAQ:FRGT) shares are going 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.

Freight Technologies Trading Down 34.3%

Shares of NASDAQ:FRGT traded down $0.32 during midday trading on Thursday, reaching $0.61. The company had a trading volume of 595,013 shares, compared to its average volume of 611,318. The company’s 50 day moving average price is $0.95 and its 200 day moving average price is $2.03. The stock has a market cap of $335,555.00, a P/E ratio of -0.03 and a beta of 1.05. Freight Technologies has a 52-week low of $0.60 and a 52-week high of $22.60.

Freight Technologies (NASDAQ:FRGT) last issued its quarterly earnings results on Thursday, May 14th. The company reported $999.00 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%.

Analyst Upgrades and Downgrades

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