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Investing.com - Cantor Fitzgerald has reiterated its Neutral rating and $3.00 price target on Marti Technologies (NYSE:MRT), currently trading at $2.37, following the company’s first-half 2025 earnings report. According to InvestingPro data, analyst targets range from $3.00 to $7.00, suggesting potential upside.
The ride-hailing business showed significant growth with unique riders increasing 107% year-over-year to 2.3 million users, slightly exceeding previous projections. Revenue for the period was approximately in line with Street estimates, while EBITDA came in slightly below analyst expectations. InvestingPro data reveals concerning fundamentals, with an EBITDA of -$60.16M and a weak gross profit margin of -88.4%.
Marti Technologies has maintained its full-year 2025 guidance for both top and bottom lines. The company expects to add approximately 1 million unique riders to reach 3.3 million by fiscal year-end.
The firm plans to invest in additional headcount to support its expanding ride-hailing operations. Market expansion efforts are expected to increase the company’s total addressable market.
Despite acknowledging Marti’s progress in the ride-hailing segment, Cantor Fitzgerald prefers to "remain on the sidelines" due to the company being in early stages of its ride-hailing transition.
In other recent news, Marti Technologies, Inc. has surpassed its ride-hailing targets ahead of schedule. As of August 12, the company reached 2.52 million ride-hailing riders and 357,000 registered drivers, exceeding its goals for September 30 by approximately six weeks. This achievement marks a 17% growth in its rider base and a 14% increase in registered drivers between June 3 and August 12. Following this performance, Marti has set new targets of 3.30 million riders and 450,000 registered drivers by December 31. Additionally, Marti announced a new corporate treasury strategy involving cryptocurrency. The company plans to hold about 20% of its cash reserves in Bitcoin, with the possibility of increasing this to 50% and including other digital assets like Ethereum and Solana. All crypto assets will be managed through a regulated, institutional-grade custodian to ensure compliance with applicable laws. These developments reflect Marti’s ongoing efforts to expand its operations and explore new financial strategies.
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