Marti Technologies (NYSEAMERICAN:MRT) to Buyback $5.00 million in Outstanding Stock

Marti Technologies (NYSEAMERICAN:MRT) announced that its board has approved a share buyback program on Thursday, September 10th, RTT News reports. The company plans to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 2.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Marti Technologies Trading Up 1.0%

Shares of NYSEAMERICAN:MRT opened at $2.07 on Friday. Marti Technologies has a one year low of $1.12 and a one year high of $2.75. The stock has a fifty day moving average of $1.86 and a 200-day moving average of $1.93.

Marti Technologies (NYSEAMERICAN:MRT) last posted its earnings results on Friday, August 14th. The company reported ($0.15) earnings per share (EPS) for the quarter. The firm had revenue of $19.98 million during the quarter. As a group, equities research analysts anticipate that Marti Technologies will post -0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MRT shares. Citigroup reaffirmed a “buy” rating on shares of Marti Technologies in a research note on Thursday, August 20th. Roth Capital set a $3.50 price target on shares of Marti Technologies in a research report on Thursday, August 20th. Benchmark upped their price target on shares of Marti Technologies from $5.00 to $6.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Cantor Fitzgerald reduced their price objective on shares of Marti Technologies from $2.40 to $2.20 and set a “neutral” rating for the company in a research report on Monday, August 24th. Finally, Alliance Global Partners began coverage on shares of Marti Technologies in a research note on Thursday, July 2nd. They issued a “buy” rating and a $4.00 price objective on the stock. Three equities research 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, Marti Technologies presently has an average rating of “Moderate Buy” and an average price target of $3.92.

Marti Technologies Company Profile

Marti Technologies Inc is a mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car, motorcycle, and taxi drivers, and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti’s offerings are serviced by proprietary software systems and IoT infrastructure.