Marti Technologies (NYSEAMERICAN:MRT) Stock: Insider Daniel Freifeld Sells 350,000 Shares

Marti Technologies, Inc. (NYSEAMERICAN:MRT) Director Daniel Freifeld sold 350,000 shares of the business’s 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 completion of the sale, the director directly owned 6,117,715 shares in the company, valued at approximately $12,357,784.30. This represents a 5.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Marti Technologies Stock Performance

NYSEAMERICAN MRT traded up $0.04 on Friday, reaching $1.94. The company had a trading volume of 16,023 shares, compared to its average volume of 40,958. Marti Technologies, Inc. has a fifty-two week low of $1.12 and a fifty-two week high of $2.75. The business has a 50 day moving average of $1.99 and a two-hundred day moving average of $1.92.

Marti Technologies (NYSEAMERICAN:MRT) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.15) EPS for the quarter. The business had revenue of $19.98 million during the quarter. Sell-side analysts expect that Marti Technologies, Inc. will post -0.29 EPS for the current year.

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

Hedge Funds Weigh In On Marti Technologies

An institutional investor 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 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 about 0.33% of Marti Technologies worth $573,000 as of its most recent filing with the SEC. 20.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on MRT shares. Alliance Global Partners started coverage on shares of Marti Technologies in a research report on Thursday, July 2nd. They set a “buy” rating and a $4.00 price target on the stock. Roth Capital set a $3.50 price objective on Marti Technologies in a research note on Thursday, August 20th. Benchmark raised 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. Cantor Fitzgerald lowered their target price 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, Citigroup reissued a “buy” rating on shares of Marti Technologies in a research note 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $3.92.

Marti Technologies Company Profile

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.