Stock Repurchase Plan Authorized by Marti Technologies (NYSEAMERICAN:MRT) Board

Key Points

• Marti Technologies authorized a $5 million stock repurchase program, allowing it to buy back up to 2.7% of its outstanding shares through open-market purchases.
• Analyst sentiment is generally positive: three analysts rate the stock “Buy” and one rates it “Hold,” producing a consensus “Moderate Buy” rating and an average price target of $3.92.
• MRT shares fell 3.8% to $2.05, while the company recently reported a quarterly loss of $0.15 per share on revenue of $19.98 million.

Marti Technologies (NYSEAMERICAN:MRT - Get Free Report) announced that its board has authorized a stock buyback program on Thursday, September 10th, RTT News reports. The company plans 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.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MRT. Citigroup reiterated a "buy" rating on shares of Marti Technologies in a report on Thursday, August 20th. Cantor Fitzgerald cut their price objective on shares of Marti Technologies from $2.40 to $2.20 and set a "neutral" rating for the company in a report on Monday, August 24th. Alliance Global Partners assumed coverage on Marti Technologies in a report on Thursday, July 2nd. They set a "buy" rating and a $4.00 target price for the company. Roth Capital set a $3.50 price target on shares of Marti Technologies in a report on Thursday, August 20th. Finally, Benchmark upped their price objective on shares of Marti Technologies from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $3.92.

Marti Technologies Trading Down 3.8%

Shares of MRT traded down $0.08 during mid-day trading on Thursday, reaching $2.05. The company's stock had a trading volume of 42,339 shares, compared to its average volume of 57,071. Marti Technologies has a 52 week low of $1.12 and a 52 week high of $2.75. The company's fifty day moving average price is $1.85 and its two-hundred day moving average price is $1.93.

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

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.

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