Insider Selling: Marti Technologies (NYSEAMERICAN:MRT) Director Sells 500,000 Shares of Stock

Marti Technologies, Inc. (NYSEAMERICAN:MRT) Director Daniel Freifeld sold 500,000 shares of Marti Technologies stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $1.70, for a total transaction of $850,000.00. Following the completion of the transaction, the director directly owned 6,467,715 shares in the company, valued at approximately $10,995,115.50. The trade was a 7.18% decrease in their position. The sale was disclosed in a filing 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 NYSEAMERICAN:MRT traded up $0.04 during midday trading on Friday, reaching $1.94. 16,023 shares of the company were exchanged, compared to its average volume of 40,958. The stock has a fifty day simple moving average of $1.99 and a two-hundred 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 posted 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. As a group, research analysts forecast that Marti Technologies, Inc. will post -0.29 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several brokerages recently commented on MRT. Benchmark increased their target price on shares of Marti Technologies from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Cantor Fitzgerald cut their price target 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. Citigroup restated a “buy” rating on shares of Marti Technologies in a research note on Thursday, August 20th. Roth Capital set a $3.50 price objective on Marti Technologies in a report on Thursday, August 20th. Finally, Alliance Global Partners initiated coverage on Marti Technologies in a research report on Thursday, July 2nd. They issued a “buy” rating and a $4.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Marti Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $3.92.

Institutional Trading of Marti Technologies

A hedge fund recently raised its stake in Marti Technologies stock. Arbiter Partners Capital Management LLC grew its position in Marti Technologies, Inc. (NYSEAMERICAN:MRT) by 24.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent quarter. 20.71% of the stock is owned by institutional investors.

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.