Freight Technologies (NASDAQ:FRGT) Posts Earnings Results

Freight Technologies (NASDAQ:FRGT) announced its quarterly earnings results on Thursday. The company reported $999.00 earnings per share for the quarter, Zacks reports. Freight Technologies had a negative return on equity of 73.48% and a negative net margin of 40.28%.

Freight Technologies Trading Down 34.3%

FRGT traded down $0.32 on Thursday, hitting $0.61. 595,013 shares of the stock traded hands, compared to its average volume of 73,641. Freight Technologies has a 52 week low of $0.60 and a 52 week high of $22.60. The firm has a market capitalization of $335,555.00, a PE ratio of -0.03 and a beta of 1.05. The business has a fifty day moving average price of $0.94 and a two-hundred day moving average price of $2.00.

Freight Technologies shares are scheduled 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.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Weiss Ratings raised 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 research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Freight Technologies currently has a consensus 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.