Freight Technologies (NASDAQ:FRGT) stock is up by about 200% today after the company announced that Amazon (NASDAQ:AMZN) had chosen to renew its selection to use the Fr8App in Mexico. The app, powered by Freight’s proprietary artificial intelligence (AI), provides business-to-business shipping services, such as route planning, live tracking and data analysis, within the U.S., Mexico and Canada.
“Amazon’s decision to choose Fr8App during their high-demand season validates our capabilities and positions us as the go-to logistics solution for B2B cross-border and domestic shipping within the USMCA region. We’re excited to work for a prominent market leader like Amazon, and we’re confident in our ability to meet their stringent standards throughout the year as they continue to expand.”
This is the second consecutive year that Amazon Mexico has chosen Freight for its logistics services. To date, the app has assisted in the transportation of more than 670 cargo loads between Amazon’s distribution centers.
Despite the significant gain, FRGT stock is still down by about 60% year-to-date. The company reported preliminary third-quarter revenue growth of 27.2% year-over-year and a margin increase of 26.8%.
5 Investors Betting Big on FRGT Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. However, FRGT stock doesn’t have the strongest institutional backing.
During Q3, only five 13F filers disclosed a stake in the company, an increase of three filers from the prior quarter. These filers own 55,047 shares of FRGT, down from 58,188 shares. None of them own Freight in their top 10 positions.
Hedge fund ownership, which is included in 13F metrics, of Freight is sparse as well. Just two hedge funds own shares, while total ownership declined to 27,440 shares from 58,187 shares.
With that in mind, let’s take a look at Freight’s top five institutional shareholders:
- Virtu Financial (NASDAQ:VIRT): 16,194 shares. Virtu acquired its entire stake during Q3.
- Citadel: 14,359 shares. Citadel sold 43,828 shares during Q3.
- Millennium Management: 13,081 shares. Millennium acquired its entire stake during Q3.
- Two Sigma: 11,412 shares. Two Sigma acquired its entire stake during Q3.
- Osaic Holdings: 1 share. Osaic’s stake remained unchanged during Q3.
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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.
