The Voltari Corporation (OTCQB:VLTC) is one of the top trading stocks today, currently trading at $1.37, up 127.95% for the day. The New-York based real estate company, formerly known as Motricity, Inc., currently has a market cap of $45.4 million. The company leases buildings to large companies to JPMorgan Chase Bank, N.A (NYSE:JPM) pursuant to a triple net lease (the Long Branch Lease) and owns one property in Flanders, New York. The company hopes to acquire more properties in the Northeast US.
Unfortunately, since the beginning of 2017, the company has been consistently bearish, dropping almost -79.47 percent total year-to-date. Voltari Corp has seen downward movement in their stock from November of 2010 and onward.
Just this morning, however, Icahn Capital Management’s CEO, Carl Icahn, disclosed his 52.7% stake in Voltari. Icahn is set on establishing a position within the company and looks to hopefully push upper management for necessary change. The activist investor currently has 16 holdings in his current portfolio with an emphasis on industrial sectors. With this investment and active role within the company, Icahn hopes to turn things around.
Back in Q4 of 2016, Icahn invested in 4.7 million shares at an average price of 65 cents per share, which gave him only 0.01% portfolio space at the time. His first investment in the company dates back to 2012 when the stock was trading around $5.98 per share.
Voltari Corp Q3 revenue posted $81,000 and had a net loss of -$400,000, which has been a continued trend over the eight years.
Carl Icahn is currently holding positions in Icahn Enterprises LP (NASDAQ:IEP), Cheniere Energy Inc. (NYSE:LNG), American International Group Inc. (NYSE:AIG), CVR Energy Inc. (NYSE:CVI) and Herbalife (NYSE:HLF).
Featured Image: Depositphotos/© denisismagilov