Freight Technologies (NASDAQ:FRGT) Stock Price Down 31.2% – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FRGT shares. Wall Street Zen lowered Freight Technologies from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Weiss Ratings lowered Freight Technologies from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday, May 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Freight Technologies Trading Down 31.2%

The business has a fifty day moving average of $4.14 and a 200-day moving average of $7.36. The stock has a market capitalization of $1.81 million, a price-to-earnings ratio of -0.04 and a beta of 1.15. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.00 and a quick ratio of 1.00.

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.