Marti Technologies (NYSEAMERICAN:MRT) Releases Earnings Results

Marti Technologies (NYSEAMERICAN:MRT) released its earnings results on Monday. The company reported ($0.01) earnings per share for the quarter, FiscalAI reports. The firm had revenue of $24.73 million for the quarter.

Marti Technologies Price Performance

MRT opened at $2.07 on Monday. Marti Technologies has a 12 month low of $1.12 and a 12 month high of $2.59. The company has a 50 day moving average of $2.00 and a 200 day moving average of $1.95.

Wall Street Analysts Forecast Growth

MRT has been the subject of several research reports. Benchmark increased their price objective on Marti Technologies from $5.00 to $6.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Cantor Fitzgerald lowered their target price on Marti Technologies from $2.40 to $2.20 and set a “neutral” rating on the stock in a research note on Monday, August 24th. Citigroup reaffirmed a “buy” rating on shares of Marti Technologies in a research report on Thursday, August 20th. Finally, Roth Capital set a $3.50 price target on Marti Technologies in a research note on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Marti Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $3.92.

Insider Transactions at Marti Technologies

In other Marti Technologies news, Director Daniel Freifeld sold 350,000 shares of the stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $2.02, for a total transaction of $707,000.00. Following the sale, the director owned 6,117,715 shares in the company, valued at $12,357,784.30. This represents a 5.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Hedge Funds Weigh In On Marti Technologies

A hedge fund recently raised its stake in Marti Technologies stock. Arbiter Partners Capital Management LLC increased its stake in shares of Marti Technologies, Inc. (NYSEAMERICAN:MRT) by 24.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 286,254 shares of the company’s stock after purchasing 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. Hedge funds and other institutional investors own 20.71% of the company’s stock.

Marti Technologies declared that its board has approved a stock buyback program on Thursday, September 10th that allows the company to repurchase $5 million in shares. This repurchase authorization allows the company to reacquire up to 2.7% of its stock through open market purchases. Share repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

About Marti Technologies

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

Marti’s services have included shared electric scooters, electric bicycles and mopeds, as well as ride-hailing services that connect passengers with drivers. The company’s platform is intended to provide convenient, app-based access to multiple mobility options within a single service.

Founded in 2018, Marti serves the Turkish market, with operations focused on major urban areas including Istanbul.