FRGT - InvestorNewsBreaks - Freight Technologies Inc. (NASDAQ: FRGT) Maintains 'Buy' Rating in Latest Chardan Research Report
Freight Technologies (NASDAQ: FRGT), a leading technology company developing innovative solutions powered by AI and machine learning to optimize and automate the supply chain process, was spotlighted in a recent Chardan Research report. In the report, Chardan noted that “despite recent setbacks,” it remained positive on shares of FRGT long-term, maintaining a buy status and noting that the company’s cloud-based solution digitalizes cross-border, over-the-road (“OTR”) shipping. The report noted that Freight Technologies reported Q1 2023 revenue of $3.3 million, which is down from last year's $5.3 million.
“The weaker start to the year is due to the loss of a key account in late 2022, which was reflected in our annual estimate,” the report stated. “The quarter also faced headwinds from the discontinuation of a strategic alliance in the U.S., which was not in our forecast. We are reducing our 2023E top line forecast by 25% due to the loss of the strategic alliance and lower freight rates. However, our projected gross income is less impacted as we forecast the revenue loss was lower margin. As a result of FRGT’s slower revenue build, we are lowering our price target to $9 price target from $20 (adjusted for a 10:1 reverse split). We note that this still implies significant upside from current levels and maintain our Buy rating.”
To view the full report, visit https://ibn.fm/eomlt
About Freight Technologies Inc.
Freight Technologies is a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary Freight App Inc. (“Fr8App”) is a business-to-business, cross-border shipping marketplace in the USMCA region powered by artificial intelligence (“AI”) and machine learning. Focused on making shipping transparent and efficient, Fr8App provides carriers with increased growth opportunities and shippers with flexibility, visibility and simplicity for the once-complex process of international over-the-road (“OTR”) shipping. Fr8App uses its proprietary technology platform to connect carriers and shippers, and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, broker, transportation management, fleet management and committed capacity solutions. For more information about the company, please visit www.FR8Technologies.com.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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