Key Points
- Director Daniel Freifeld sold 500,000 Marti Technologies shares at an average price of $1.70, generating $850,000 and reducing his direct ownership by 7.18% to 6.47 million shares.
- Marti reported a quarterly loss of $0.15 per share on $19.98 million in revenue, while analysts expect a full-year loss of $0.29 per share.
- The company authorized a $5 million stock-repurchase plan covering up to 2.7% of outstanding shares; analysts maintain a “Moderate Buy” consensus with an average price target of $3.92 versus a recent $1.94 share price.
Marti Technologies, Inc. (NYSEAMERICAN:MRT - Get Free Report) Director Daniel Freifeld sold 350,000 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $2.02, for a total transaction of $707,000.00. Following the completion of the transaction, the director owned 6,117,715 shares of the company's stock, valued at approximately $12,357,784.30. The trade was a 5.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Marti Technologies Price Performance
Shares of NYSEAMERICAN MRT opened at $1.94 on Friday. Marti Technologies, Inc. has a 1 year low of $1.12 and a 1 year high of $2.75. The firm has a 50-day moving average of $1.98 and a 200 day moving average of $1.92.
Marti Technologies (NYSEAMERICAN:MRT - Get Free Report) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.15) earnings per share for the quarter. The business had revenue of $19.98 million for the quarter. On average, equities analysts forecast that Marti Technologies, Inc. will post -0.29 EPS for the current year.
Marti Technologies announced that its Board of Directors has approved a share repurchase program on Thursday, September 10th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.
Analysts Set New Price Targets
A number of research firms recently weighed in on MRT. Citigroup reaffirmed a "buy" rating on shares of Marti Technologies in a research report on Thursday, August 20th. Alliance Global Partners initiated coverage on Marti Technologies in a report on Thursday, July 2nd. They issued a "buy" rating and a $4.00 target price on the stock. Cantor Fitzgerald dropped their target price on Marti Technologies from $2.40 to $2.20 and set a "neutral" rating on the stock in a report on Monday, August 24th. Benchmark increased their target price on Marti Technologies from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. Finally, Roth Capital set a $3.50 price target on Marti Technologies in a report on Thursday, August 20th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Marti Technologies has an average rating of "Moderate Buy" and an average price target of $3.92.
Get Our Latest Research Report on MRT
Institutional Inflows and Outflows
An institutional investor recently raised its stake in Marti Technologies stock. Arbiter Partners Capital Management LLC grew its position in shares of Marti Technologies, Inc. (NYSEAMERICAN:MRT - Free Report) by 24.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 286,254 shares of the company's stock after buying an additional 56,319 shares during the quarter. Arbiter Partners Capital Management LLC owned 0.33% of Marti Technologies worth $573,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 20.71% of the company's stock.
About Marti Technologies
(
Get Free Report)
Marti Technologies, Inc is a Turkey-based technology and mobility company that operates a digital transportation platform. Through its mobile application, the company connects users with transportation options designed for short-distance urban travel, including electric scooters, electric bicycles and mopeds.
Marti also operates TAG, an app-based ride-hailing and carpooling service that connects passengers with drivers. The company's services are intended to provide convenient alternatives for navigating congested city environments and are primarily offered in Turkey, including Istanbul and other major urban areas.
Founded in 2018, Marti became a publicly traded company in 2023 through a business combination with Galata Acquisition Corp.
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