Freight Technologies (NASDAQ:FRGT) stock is on the rise Thursday after the logistics company announced an agreement with Amazon (NASDAQ:AMZN).
That agreement will see Amazon Mexico making use of the company’s Fr8App platform for its logistics needs. Fr8App is an artificial intelligence (AI) machine-learning platform that offers a real-time portal for B2B cross-border and domestic shipping.
Freight Technologies’ main focus in helping Amazon Mexico is handling the shipping of products between Amazon distribution centers. Investors will note that this marks the second year that Amazon has signed on the company to assist during the busy holiday season.
Javier Selgas, CEO of Freight Technologies, said the following about the news.
“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.”
FRGT Stock Movement Today
Freight Technologies stock is seeing heavy trading on Thursday alongside the Amazon news. This has more than 22 million shares of the stock changing hands as of this writing. For comparison, its daily average trading volume is about 267,000 shares.
FRGT stock is up 119.9% as of Thursday morning.
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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.
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