Marti Technologies (NYSEAMERICAN:MRT) Director Sells $707,000.00 in Stock

Marti Technologies, Inc. (NYSEAMERICAN:MRT) Director Daniel Freifeld sold 350,000 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $2.02, for a total value of $707,000.00. Following the transaction, the director directly owned 6,117,715 shares of the company’s stock, valued at $12,357,784.30. The trade was a 5.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Marti Technologies Stock Performance

Shares of NYSEAMERICAN:MRT opened at $1.94 on Monday. Marti Technologies, Inc. has a 52-week low of $1.12 and a 52-week high of $2.75. The stock’s fifty day simple moving average is $1.98 and its 200-day simple moving average is $1.92.

Marti Technologies (NYSEAMERICAN:MRT) last announced its 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. On average, equities research analysts anticipate that Marti Technologies, Inc. will post -0.29 EPS for the current fiscal year.

Marti Technologies announced that its Board of Directors has approved a share repurchase program on Thursday, September 10th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the company to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Marti Technologies

A hedge fund recently raised its position in Marti Technologies stock. Arbiter Partners Capital Management LLC grew its stake in shares of Marti Technologies, Inc. (NYSEAMERICAN:MRT) by 24.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 286,254 shares of the company’s stock after buying an additional 56,319 shares during the period. Arbiter Partners Capital Management LLC owned 0.33% of Marti Technologies worth $573,000 as of its most recent SEC filing. 20.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MRT has been the topic of several recent analyst reports. Alliance Global Partners started coverage on shares of Marti Technologies in a research note on Thursday, July 2nd. They set a “buy” rating and a $4.00 price objective on the stock. Cantor Fitzgerald lowered their target price on shares of Marti Technologies from $2.40 to $2.20 and set a “neutral” rating for the company in a research note on Monday, August 24th. Citigroup reiterated a “buy” rating on shares of Marti Technologies in a report on Thursday, August 20th. Benchmark raised their price objective on Marti Technologies from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Finally, Roth Capital set a $3.50 price objective on Marti Technologies in a research report on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Marti Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $3.92.

Marti Technologies Company Profile

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.