Insider Selling: Marti Technologies (NYSEAMERICAN:MRT) Director Sells $1,020,000.00 in Stock

Marti Technologies, Inc. (NYSEAMERICAN:MRT) Director Daniel Freifeld sold 500,000 shares of Marti Technologies stock in a transaction on Monday, May 18th. The shares were sold at an average price of $2.04, for a total value of $1,020,000.00. Following the transaction, the director directly owned 6,967,715 shares of the company’s stock, valued at approximately $14,214,138.60. The trade was a 6.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 stock was sold at an average price of $2.02, for a total transaction of $707,000.00.

Marti Technologies Trading Up 2.1%

Shares of Marti Technologies stock traded up $0.04 during mid-day trading on Friday, reaching $1.94. 16,023 shares of the stock were exchanged, compared to its average volume of 40,958. The firm has a 50-day simple moving average of $1.99 and a 200 day simple moving average of $1.92. Marti Technologies, Inc. has a fifty-two week low of $1.12 and a fifty-two week high of $2.75.

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 for the quarter. Research analysts expect that Marti Technologies, Inc. will post -0.29 earnings per share for the current fiscal year.

Marti Technologies declared that its Board of Directors has approved a stock repurchase program on Thursday, September 10th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

MRT has been the subject of several research analyst reports. Cantor Fitzgerald cut their price objective 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. 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 for the company. Benchmark lifted their price target on Marti Technologies from $5.00 to $6.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Citigroup reiterated a “buy” rating on shares of Marti Technologies in a research report on Thursday, August 20th. Finally, Roth Capital set a $3.50 price objective on shares of Marti Technologies in a report on Thursday, August 20th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $3.92.

Hedge Funds Weigh In On Marti Technologies

An institutional investor recently raised its position in Marti Technologies stock. Arbiter Partners Capital Management LLC raised its holdings in shares of Marti Technologies, Inc. (NYSEAMERICAN:MRT) by 24.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 20.71% of the company’s stock.

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.