Freightos Limited (NASDAQ:CRGO) Sees Large Drop in Short Interest

Key Points

• Short interest fell sharply: Freightos short interest declined 48.6% to 72,191 shares as of July 31, representing about 0.2% of shares outstanding and a short-interest ratio of 1.8 days.
• Recent performance remains weak: Shares rose 2.3% to $1.35, but the company reported a quarterly loss of $0.13 per share, missed revenue estimates, and posted a negative net margin of 65.65%.
• Analyst sentiment is mixed: Freightos has an overall “Hold” rating and a $3.00 average price target, while institutional investors own 22.72% of the company.

Freightos Limited (NASDAQ:CRGO - Get Free Report) was the target of a large decline in short interest during the month of July. As of July 31st, there was short interest totaling 72,191 shares, a decline of 48.6% from the July 15th total of 140,472 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average trading volume of 39,790 shares, the short-interest ratio is presently 1.8 days.

Freightos Trading Up 2.3%

Shares of CRGO stock traded up $0.03 during trading hours on Friday, hitting $1.35. 44,022 shares of the company's stock traded hands, compared to its average volume of 34,827. The stock's 50 day simple moving average is $1.36 and its 200 day simple moving average is $1.66. The stock has a market cap of $69.36 million, a PE ratio of -3.46 and a beta of 0.36. Freightos has a 12 month low of $1.14 and a 12 month high of $4.24. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.04.

Freightos (NASDAQ:CRGO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.05). The business had revenue of $7.16 million for the quarter, compared to analyst estimates of $7.45 million. Freightos had a negative return on equity of 44.81% and a negative net margin of 65.65%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Freightos in a research note on Friday, July 17th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $3.00.

Institutional Investors Weigh In On Freightos

A number of institutional investors have recently made changes to their positions in CRGO. Hudson Bay Capital Management LP bought a new position in shares of Freightos during the fourth quarter worth about $32,000. GHP Investment Advisors Inc. bought a new stake in Freightos in the first quarter valued at approximately $36,000. OMERS ADMINISTRATION Corp acquired a new stake in Freightos during the 4th quarter valued at approximately $52,000. Barclays PLC acquired a new stake in Freightos during the 4th quarter valued at approximately $55,000. Finally, Balyasny Asset Management L.P. bought a new position in Freightos during the 4th quarter worth approximately $57,000. Institutional investors own 22.72% of the company's stock.

Freightos Company Profile

Freightos, trading under the symbol CRGO on Nasdaq, operates a digital booking platform designed to streamline international freight logistics. The company's core offering, the Freightos Marketplace, allows shippers and freight forwarders to compare and book air, ocean and trucking services online, providing rate transparency and live booking capabilities. By aggregating quotes from a global network of carriers and forwarders, Freightos enables customers to secure competitive prices and manage bookings through a single interface.

In addition to its marketplace, Freightos offers a suite of SaaS solutions for logistics professionals.

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