Marti Technologies (NYSEAMERICAN:MRT) Stock: Insider Daniel Freifeld Sells 500,000 Shares

Marti Technologies, Inc. (NYSEAMERICAN:MRT) Director Daniel Freifeld sold 500,000 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $2.04, for a total transaction of $1,020,000.00. Following the completion of the transaction, the director owned 6,967,715 shares in the company, valued at $14,214,138.60. This represents a 6.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Stock Performance

Shares of Marti Technologies stock traded up $0.04 on Friday, hitting $1.94. 16,023 shares of the company’s stock traded hands, compared to its average volume of 40,958. The firm’s 50-day moving average price is $1.99 and its two-hundred day moving average price is $1.92. Marti Technologies, Inc. has a one year low of $1.12 and a one year high of $2.75.

Marti Technologies (NYSEAMERICAN:MRT) last posted its quarterly 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 predict that Marti Technologies, Inc. will post -0.29 EPS for the current year.

Marti Technologies declared that its board has authorized a stock repurchase plan on Thursday, September 10th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MRT. Roth Capital set a $3.50 target price on Marti Technologies in a research report on Thursday, August 20th. Alliance Global Partners assumed coverage on shares of Marti Technologies in a research report on Thursday, July 2nd. They issued a “buy” rating and a $4.00 price target on the stock. Cantor Fitzgerald reduced their price objective on shares of Marti Technologies from $2.40 to $2.20 and set a “neutral” rating on the stock in a research note on Monday, August 24th. Benchmark lifted their price target 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. Finally, Citigroup reissued a “buy” rating 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 issued a Hold rating to the company. Based on data from MarketBeat.com, Marti Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.92.

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.