Insider Selling: Marti Technologies (NYSEAMERICAN:MRT) Director Sells $1,020,000.00 in Stock

Marti Technologies, Inc. (NYSEAMERICAN:MRT) Director Daniel Freifeld sold 500,000 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $2.04, for a total value of $1,020,000.00. Following the sale, the director owned 6,967,715 shares in the company, valued at approximately $14,214,138.60. The trade was a 6.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Daniel Freifeld also recently made the following trade(s):

• On Wednesday, September 9th, Daniel Freifeld sold 350,000 shares of Marti Technologies stock. The stock was sold at an average price of $2.02, for a total value of $707,000.00.

Marti Technologies Price Performance

Marti Technologies stock opened at $1.94 on Monday. The stock has a 50-day moving average price of $1.98 and a 200 day moving average price of $1.92. Marti Technologies, Inc. has a 52 week low of $1.12 and a 52 week high of $2.75.

Marti Technologies (NYSEAMERICAN:MRT) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.15) earnings per share for the quarter. The company had revenue of $19.98 million for the quarter. Research analysts anticipate that Marti Technologies, Inc. will post -0.29 EPS for the current year.

Marti Technologies announced that its board has approved a stock repurchase plan on Thursday, September 10th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MRT shares. Alliance Global Partners initiated coverage on shares of Marti Technologies in a research report on Thursday, July 2nd. They set a “buy” rating and a $4.00 target price for the company. Benchmark increased their price target on Marti Technologies from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Citigroup reiterated a “buy” rating on shares of Marti Technologies in a research note on Thursday, August 20th. Cantor Fitzgerald decreased their price objective on Marti Technologies from $2.40 to $2.20 and set a “neutral” rating for the company in a report on Monday, August 24th. Finally, Roth Capital set a $3.50 target price on Marti Technologies in a research note on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Marti Technologies has an average rating of “Moderate Buy” and a consensus target price of $3.92.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Marti Technologies stock. Arbiter Partners Capital Management LLC increased its stake in Marti Technologies, Inc. (NYSEAMERICAN:MRT) by 24.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 286,254 shares of the company’s stock after acquiring an additional 56,319 shares during the quarter. Arbiter Partners Capital Management LLC owned approximately 0.33% of Marti Technologies worth $573,000 at the end of the most recent reporting period. 20.71% of the stock is currently owned by hedge funds and other institutional investors.

About Marti Technologies

Marti Technologies, Inc operates a technology-enabled urban mobility platform in Turkey under the Martı brand. Through its mobile application, the company connects users with transportation options designed for short-distance travel and everyday urban mobility.

Martı’s services have included shared electric scooters, electric bicycles and mopeds, as well as car-hailing and ride-sharing offerings. The platform is intended to help users locate, access and pay for available mobility services through a single application.

Founded in 2018, Marti Technologies has expanded its operations across major Turkish cities, including Istanbul.