Freight Technologies (NASDAQ:FRGT) stock is trending on social media, and its shares are jumping over 370% in pre-market trading after Amazon (NASDAQ:AMZN) again selected the company to be its partner in Mexico. Freight Technologies describes itself as “a technology driven logistics company.”
More About the Deal
For a second consecutive holiday season, Amazon will utilize Freight Technologies’ Fr8App platform in Mexico, FRGT announced today.
Powered by “proprietary AI and machine learning,” FR8App “provides a real-time portal for B2B cross-border shipping and domestic shipping” in the U.S., Canada, and Mexico.
So far, the platform has helped AMZN transfer over 670 cargo loads among its warehouses.
“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” in North America,” Fr8Tech CEO Javier Selgas said in a statement.
Additional Information About FRGT Stock
As I noted in a previous article, ” FR8technologies, reports that its Freight Matching Platform enables shippers to choose the best drivers for each load, while its Fr8Now system allows shippers to easily utilize less-than-truckload carriers in Mexico.”
The company is eight years old and generated sales of $25.9 million in 2022. Last quarter, its top line came in at
In March 2023, Whirlpool (NYSE:WHR), the huge appliance maker, agreed to use the Fr8App in Mexico.
The Price Action of FRGT Stock
Heading into today, FRGT stock had dropped 16% in the previous month, 25% in the last three months, and 88% in 2023.
FRGT stock is a microcap penny stock with a market capitalization of just $3 million.
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On the date of publication, Larry Ramer 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.
