The Freight Technologies Inc (NASDAQ: FRGT) stock price edged 27% higher, driven by renewed investor interest in the company. The company owns a proprietary freight-matching application known as Fr8App that facilitates domestic and cross-border shipping within North America.
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The tech company’s last announcement was on January 20, 2023, when it unveiled a new streamlined process for onboarding carriers onto its platform. The new, automated and effortless carrier onboarding process makes it easier for qualified carriers to sign up and move loads using Fr8App.
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Freight Technologies (FRGT) stock has risen 84% since the year began, and there could be more gains in store for investors if the company wins more contracts. In addition, on January 5, 2023, the company revised its 2023 financial outlook saying it expects to generate revenues worth $36m-$42m, a significant improvement to 2022’s preliminary estimates of $26m-$27m.
At the time, the company noted that it had a strong pipeline of existing customers and a list of new prospects. The firm also expects to expand its business lines to create new revenue streams as it invests in its technology platform. The company also expects to capture early returns from its new products.
Freight Technologies is extremely confident in its 2023 business prospects despite the looming threat of a possible recession in the United States, Canada and Mexico. However, it is still early in the year, and investors are waiting for the first rate hikes from Banxico, the Fed and the Bank of Canada (BoC), which will play a definitive role in future recessions.
Therefore, the renewed investor interest in FRGT stock is understandable, given the company’s confidence in its prospects. Still, external factors such as a recession in the USMCA region could affect the firm's performance.
As a prudent investor, I would consider all these factors before buying. Still, FRGT stock’s current price is quite a bargain, given its market capitalisation of $4.18 million, compared to its projected revenues.
*This is not investment advice.
Freight Technologies (FRGT) stock price.
The Freight Technologies (FRGT) stock price edged 27.16% higher to trade at $0.52, from Friday’s closing price of $0.40.
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