Freight Technologies, Inc. (NASDAQ:FRGT) Sees Large Decline in Short Interest

Freight Technologies, Inc. (NASDAQ:FRGT) was the target of a large decline in short interest in the month of August. As of August 31st, there was short interest totaling 27,430 shares, a decline of 85.7% from the August 15th total of 191,486 shares. Approximately 5.3% of the shares of the company are short sold. Based on an average daily trading volume, of 124,742 shares, the days-to-cover ratio is currently 0.2 days.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FRGT shares. Weiss Ratings downgraded Freight Technologies from a “sell (e+)” rating to a “sell (e)” rating in a research note on Wednesday. Wall Street Zen downgraded Freight Technologies to a “strong sell” rating in a report on Saturday, August 15th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.

Freight Technologies Stock Performance

FRGT stock traded down $0.06 during midday trading on Friday, hitting $0.92. 101,029 shares of the stock traded hands, compared to its average volume of 245,909. The firm has a market cap of $523,830.00, a P/E ratio of -0.01 and a beta of 1.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.00 and a quick ratio of 1.00. The stock’s fifty day simple moving average is $2.58 and its 200-day simple moving average is $3.82. Freight Technologies has a 1-year low of $0.86 and a 1-year high of $51.50.

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.