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Why Is Freight Technologies (FRGT) Stock Up 25% Today?


  • Freight Technologies (FRGT) stock is gaining alongside a March business update.
  • The company saw a record number of new clients.
  • This opens the way for strong recurring revenue.
FRGT Stock - Why Is Freight Technologies (FRGT) Stock Up 25% Today?

Source: VladSV / Shutterstock.com

Freight Technologies (NASDAQ:FRGT) stock is heading higher on Wednesday after announcing a record number of new clients in March.

Freight Technologies says that its new shipping clients for March 2023 came after a challenge first quarter of the year. It also points out that these clients come from various industries. Among them are companies in the automotive, beverage, motorcycle, and consumer goods fields.

Freight Technologies points out that this could be good news for its business in the long term. The company says that many of these new clients have the potential to become recurring customers.

Harry Martin, Sales Director for Freight Technologies, said the following about the news:

“We have been tirelessly working on getting these key large shipper clients on our platform and we are pleased to announce the signing of a number of key accounts which will help attract carrier activity onto our platform as well.”

What This Means for FRGT Stock

New clients are good news for FRGT stock as it brings more revenue to the company. The idea that this could be a source of recurring revenue is also a reason for investors to be excited about today’s news.

That seems to be the case already with heavy trading sending FRGT stock higher. As of this writing, more than 25 million shares of the stock have changed hands. That’s well above its daily average trading volume of 660,000 shares.

FRGT stock is up 24.6% as of Wednesday morning!

There’s more stock market news investors will want to know about below!

We’ve got all of the hottest stock market news worth reading about on Wednesday! Among that is what has shares of Liminal Biosciences (NASDAQ:LMNL), AMC Entertainment (NYSE:AMC), and FedEx (NYSE:FDX) stock moving today. We’ve got all that news ready with the following links!

More Wednesday Stock Market News

On the date of publication, William White did not have (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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/04/why-is-freight-technologies-frgt-stock-up-25-today/.

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