Insider Selling: Marti Technologies (NYSEAMERICAN:MRT) Director Sells $850,000.00 in Stock

Marti Technologies, Inc. (NYSEAMERICAN:MRT) Director Daniel Freifeld sold 500,000 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $1.70, for a total value of $850,000.00. Following the sale, the director directly owned 6,467,715 shares in the company, valued at $10,995,115.50. The trade was a 7.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

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

Marti Technologies Stock Performance

Shares of Marti Technologies stock opened at $1.94 on Monday. The business has a 50-day moving average of $1.98 and a two-hundred day moving average of $1.92. Marti Technologies, Inc. has a 1 year low of $1.12 and a 1 year high of $2.75.

Marti Technologies (NYSEAMERICAN:MRT) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.15) earnings per share for the quarter. The firm had revenue of $19.98 million during the quarter. On average, sell-side analysts predict 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 stock repurchase program on Thursday, September 10th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Marti Technologies

An institutional investor recently raised its position 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 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 286,254 shares of the company’s stock after acquiring 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

Several equities research analysts recently commented on the stock. Roth Capital set a $3.50 price objective on shares of Marti Technologies in a research report on Thursday, August 20th. Citigroup reaffirmed a “buy” rating on shares of Marti Technologies in a research report on Thursday, August 20th. Benchmark increased 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. Alliance Global Partners initiated coverage on Marti Technologies in a research note on Thursday, July 2nd. They issued a “buy” rating and a $4.00 target price on the stock. Finally, Cantor Fitzgerald reduced their price target on Marti Technologies from $2.40 to $2.20 and set a “neutral” rating for the company in a research report on Monday, August 24th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Marti Technologies currently 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 Mart? brand. Through its mobile application, the company connects users with transportation options designed for short-distance travel and everyday urban mobility.

Mart?’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.