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

Key Points

• Director Daniel Freifeld sold 350,000 Marti Technologies shares at an average price of $2.02, generating $707,000. The transaction reduced his direct ownership by 5.41% to 6.12 million shares.
• Marti Technologies reported a quarterly loss of $0.15 per share on $19.98 million in revenue, while analysts expect a full-year loss of $0.29 per share.
• The company authorized a $5 million share repurchase program, allowing it to buy back up to 2.7% of outstanding shares. Analysts maintain a “Moderate Buy” consensus with an average price target of $3.92, compared with a recent share price of $1.94.

Marti Technologies, Inc. (NYSEAMERICAN:MRT - Get Free Report) Director Daniel Freifeld sold 350,000 shares of Marti Technologies stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $2.02, for a total value of $707,000.00. Following the completion of the transaction, the director directly owned 6,117,715 shares of the company's stock, valued at $12,357,784.30. This represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Marti Technologies Stock Performance

Shares of MRT traded up $0.04 during trading hours on Friday, hitting $1.94. 16,023 shares of the company were exchanged, 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 firm's fifty day moving average is $1.99 and its 200 day moving average is $1.92.

Marti Technologies (NYSEAMERICAN:MRT - Get Free Report) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.15) EPS for the quarter. The company 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 fiscal year.

Marti Technologies declared that its Board of Directors has approved a stock repurchase plan on Thursday, September 10th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Marti Technologies stock. Arbiter Partners Capital Management LLC increased its holdings in shares of Marti Technologies, Inc. (NYSEAMERICAN:MRT - Free Report) by 24.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 286,254 shares of the company's stock after buying an additional 56,319 shares during the period. Arbiter Partners Capital Management LLC owned about 0.33% of Marti Technologies worth $573,000 at the end of the most recent quarter. 20.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on MRT shares. Alliance Global Partners started 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. Benchmark upped their price objective on Marti Technologies from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday, August 20th. Citigroup reiterated a "buy" rating on shares of Marti Technologies in a research report on Thursday, August 20th. Cantor Fitzgerald cut their target price on shares of Marti Technologies from $2.40 to $2.20 and set a "neutral" rating on the stock in a research report on Monday, August 24th. Finally, Roth Capital set a $3.50 target price on shares of Marti Technologies in a research note on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Marti Technologies presently has an average rating of "Moderate Buy" and an average price target of $3.92.

About Marti Technologies

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.

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