5 Investors Betting Big on Freight Technologies (FRGT) Stock thumbnail

5 Investors Betting Big on Freight Technologies (FRGT) Stock

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Freight Technologies (NASDAQ:FRGT) stock is flying higher by more than 120% today after receiving a $2.25 price target from Chardan Capital Markets analyst Brian Dobson. This price target implies 300%-plus upside. Previously, Chardan had not provided coverage for FRGT stock.

This boost in price has been well-needed by shareholders. Earlier this month, Nasdaq notified the company that it was in noncompliance with the $1 minimum bid price requirement for being listed on the exchange. Now, the company has 180 days to have a closing bid price of $1 for 10 consecutive days. If Freight fails to meet the $1 requirement, it could file for a deadline extension for an additional 180 days. To be eligible for the second extension, it must provide a plan to regain compliance.

One remedy to resolve this situation is a reverse stock split. If Freight Technologies chooses to do this, the split must be completed by April 10, 2023.

Earlier this year, the company released its Fr8Private Fleet product. This product seeks to modernize logistics and allows parties to pay for and receive payments for a “predetermined amount of load capacity over a stated period of time.” Fr8Private is available on Freight’s business-to-business platform and can attract carriers to use the platform. In late October, Freight announced that Kimberly Clark de México had a signed a “two-year commitment” for Fr8Private.

5 Investors Betting Big on FRGT Stock

Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the second quarter, only three 13F filers reported owning FRGT stock, although other institutional investors who do not file 13F forms own shares as well. In total, 13F filers own 55,849 shares as of Q2, compared to 58,700 shares during the previous quarter. With that in mind, let’s take a look at the largest shareholders of Freight Technologies:

  1. PX Global Advisors: 5.69 million shares. PX’s position is accurate as of Q3 2020.
  2. SpacHub Global: 298,852 shares. SpacHub sold 113,879 shares during Q3 2022.
  3. ATW Opportunities Master Fund: 286,020 shares. ATW’s position is accurate as of Q3 2021.
  4. Renaissance Technologies: 35,675 shares. Renaissance purchased 21,000 shares during Q2 2022.
  5. Citadel Advisors: 13,715 shares. Citadel purchased its entire stake during Q2 2022.

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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.