Chardan Capital Research Maintains Buy on Freight Technologies Inc., Lowers Price Target by $0.25 to $2.00
HOUSTON, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech''), a technology company whose custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine-learning that offers a real-time portal for B2B cross-border and domestic shipping within the USMCA region, announces that Chardan Capital Research, a leading investment and research firm, has maintained its buy rating on the company’s ordinary shares while lowering its price target by $0.25, from $2.25 to $2.00.
Freight Technologies Inc. is pleased to receive Chardan's latest endorsement, which reflects the company's ongoing efforts to expand its operations, improve its services and create value for its shareholders. Chardan Capital Research's buy rating for Freight Technologies Inc. is an indication of continued confidence in the company’s potential for long-term growth and success in the transportation industry.
According to Chardan’s report, the adjustment in the price target is based on various factors, including changes in market conditions, and is also limited by temporary setbacks suffered with one of the company’s larger shipper clients. However, Chardan still maintains its buy rating for Freight Technologies Inc., a reflection of the investment firm's opinion of the company's strategy and medium-term potential.
"We are pleased to be able to share the results of Chardan's independent analysis of our company's growth and potential. Our focus on technology-driven solutions and outstanding customer service has allowed us to differentiate ourselves in the market, and we will continue to build on that success," said Javier Selgas, CEO of Freight Technologies Inc.
"We remain committed to expanding our services, investing in our technology platform, and providing unparalleled customer service to our clients. We thank Chardan for their continued review of our company and look forward to delivering strong results for our shareholders," concluded Selgas.
Despite the challenging market conditions, the company is well-positioned to deliver robust results for its stakeholders, and it appreciates the independent reviews of Chardan Capital Research.
About Chardan Capital
Chardan is an independent, full-service, global investment bank focused on bringing disruptive innovation to corporate and institutional clients. Chardan has established a leading SPAC practice with an 18-year history, having been involved in 120 SPAC IPOs with over $15 billion in transaction value, 47 business combination transactions with over $23 billion in transaction value, and 15 sponsored/co-sponsored SPAC transactions with over $1.4 billion in transaction value. Headquartered in New York City, Chardan is a registered broker-dealer with the U.S. Securities and Exchange Commission and is a member of the following: FINRA, SIPC, NASDAQ and the NYSE Arca, Inc.
About Freight Technologies Inc.
Freight Technologies (Nasdaq: FRGT) (“Fr8Tech") is a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary Freight App, Inc. (“Fr8App”) is a B2B cross-border shipping marketplace in the USMCA region powered by 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. The company is headquartered in Houston, Texas. For more information, please visit fr8technologies.com.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Freight Technologies' and Fr8App’s actual results may differ from their expectations, estimates and projections, and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Freight Technologies’ and Fr8App’s expectations with respect to future performance and anticipated financial impacts of its acquisition of Fr8App.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Freight Technologies’ and Fr8App’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of the COVID-19 pandemic on Fr8App’s business; (2) the inability to obtain or maintain the listing of Freight Technologies’ ordinary shares on Nasdaq; (3) the ability to recognize the anticipated benefits of the merger, which may be affected by, among other things, competition and the ability of Fr8App to grow, manage growth profitably and retain its key employees; (4) costs related to the merger; (5) changes in applicable laws or regulations; (6) the possibility that Freight Technologies or Fr8App may be adversely affected by other economic, business and/or competitive factors; (7) risks relating to the uncertainty of the projected financial information with respect to Fr8App; (8) risks related to the organic and inorganic growth of Fr8App’s business and the timing of expected business milestones; and (9) other risks and uncertainties identified, including those under “Risk Factors,” to be filed in Freight Technologies' other filings with the SEC. Freight Technologies cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Freight Technologies and Fr8App caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Freight Technologies and Fr8App do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.
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