Freight Technologies (FRGT) stock rocketed higher on Tuesday after the logistics and freight brokerage company announced it has added 23 GPS systems to Fleet Rocket over the past year through its Fr8Radar module. This expands the amount of real-time geolocation data available via trucks and shipping containers, offering increased accuracy for shipping companies.
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Freight Technologies plans to continue its expansion of Fleet Rocket in the U.S. and Mexico. It will also further develop its modular architecture to deliver new capabilities, allowing for greater transparency, security, and performance. All of this is with the intention of becoming the digital backbone for modern freight operations in North America.
Javier Selgas, CEO of Freight Technologies, said, “We’re proud to count the main GPS providers in Mexico and the U.S. among our integration partners. Every new integration strengthens our ability to provide real-time visibility, risk mitigation, and operational intelligence — and it’s remarkable to note that, while other companies specialize exclusively in GPS integration, for Fr8Tech, this capability is simply one of many within a broader enterprise system.”
Freight Technologies Stock Movement Today
Freight Technologies stock was up 53.66% in pre-market trading on Tuesday, following a 5.13% rally yesterday. Even so, the shares have fallen 83.73% year-to-date and 82.92% over the past 12 months.
With today’s GPS news came heavy trading of FRGT stock. This had some 55 million shares traded this morning, compared to a three-month daily average of about 1.26 million units.
Is Freight Technologies Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Freight Technologies is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates FRGT stock a Neutral (41) with a $1 price target. It cites “significant financial instability, with declining revenues and high leverage” as reasons for this stance.
