NetworkNewsBreaks – Freight Technologies Inc. (N
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Posted On: 06/06/2023 4:14:19 PM
NetworkNewsBreaks – 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.”
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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.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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