Freight Technologies (NASDAQ:FRGT) stock is rising higher on Monday after the transportation logistics technology company announced a collaboration with packaging company Envases Universales.
A press release from Freight Technologies notes that its freight-matching platform Fr8App was granted several key routes by Envases Universales. That includes 24 dedicated lanes worth $5 million over the next 12 months.
Freight Technologies notes that this will have it handling shipments for Envases Universales over the next year. The company also mentions that the value of these routes may change depending on production and demand at Envases Universales.
Fr8App CEO Javier Selgas said the following about the deal with Envases Universales:
“This collaboration not only speaks to our capabilities but also to the trust Envases Universales has in our ability to deliver exceptional service. It also highlights the importance of tactical collaboration between the companies in driving profitable growth and achieving excellence in dependable and efficient logistics execution.”
FRGT Stock Market Movement Today
Following news of the deal with Envases Universales comes heavy trading of FRGT stock. That has more than 7 million shares changing hands as of this writing. For comparison, the company’s daily average trading volume is around 539,000 shares.
FRGT stock is up 24.5% as of Monday morning but was down 43.5% year-to-date when markets closed on Friday.
Investors looking for more of the most recent stock market stories will want to stick around!
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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.
