Freight Technologies (NASDAQ:FRGT) Stock Price Down 31.2% – Time to Sell?

Shares of Freight Technologies, Inc. (NASDAQ:FRGT) dropped 31.2% during trading on Thursday . The stock traded as low as $3.03 and last traded at $3.18. Approximately 3,023,196 shares were traded during mid-day trading, an increase of 841% from the average daily volume of 321,221 shares. The stock had previously closed at $4.62.

Analyst Upgrades and Downgrades

FRGT has been the topic of several recent analyst reports. Weiss Ratings lowered shares of Freight Technologies from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday, May 29th. Wall Street Zen lowered shares of Freight Technologies from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Freight Technologies Trading Up 6.0%

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $1.92 million, a P/E ratio of -0.04 and a beta of 1.15. The firm’s fifty day simple moving average is $4.13 and its 200 day simple moving average is $7.33.

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.