Marti Technologies (NYSEAMERICAN:MRT) Board Declares Share Repurchase Plan

Marti Technologies (NYSEAMERICAN:MRT) declared that its Board of Directors has approved a stock buyback program on Thursday, September 10th, RTT News reports. The company plans to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Marti Technologies Price Performance

MRT traded down $0.08 during trading on Thursday, reaching $2.05. The stock had a trading volume of 42,339 shares, compared to its average volume of 57,071. The stock’s 50 day moving average is $1.85 and its two-hundred day moving average is $1.93. Marti Technologies has a one year low of $1.12 and a one year high of $2.75.

Marti Technologies (NYSEAMERICAN:MRT) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.15) EPS for the quarter. The business had revenue of $19.98 million during the quarter. Research analysts predict that Marti Technologies will post -0.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MRT. Citigroup reaffirmed a “buy” rating on shares of Marti Technologies in a research note on Thursday, August 20th. Roth Capital set a $3.50 price target on shares of Marti Technologies in a research note on Thursday, August 20th. Benchmark raised their price objective 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. Alliance Global Partners assumed coverage on shares of Marti Technologies in a report on Thursday, July 2nd. They issued a “buy” rating and a $4.00 price objective for the company. Finally, Cantor Fitzgerald cut their price objective on Marti Technologies from $2.40 to $2.20 and set a “neutral” rating on the stock in a research report on Monday, August 24th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $3.92.

About Marti Technologies

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.