Carl Icahn Reveals He's Still Long Voltari; Stock Skyrockets
Voltari Corp (NASDAQ: VLTC) stock is up quite a bit in the first hour of Thursday's trading after some bullish commentary from activist investor Carl Icahn.
Icahn, speaking to Benzinga on the sidelines of CNBC's "Delivering Alpha" conference on Wednesday night, said he is still in his Voltari position. Icahn's Icahn Capital last reported a 52.3 percent stake in Voltari on March 31. A little over 4 million of Icahn's 4.73 million share position was acquired at that time, at an average price of $1.36 each.
Voltari now trades at $6.50.
What Does Voltari Do?
The company, formerly known as Motricity, was formed in late 2012. Voltari provides mobile marketing and ad tech to various Fortune 500 companies. As Ad Exchanged reported, Voltari's primary use case is its mobile ad targeting technology, which targets users by time day, location, content and device.
Former CEO Rich Stalzer told the outlet this technology can allow clients to spend on mobile ads efficiently. "We’re competing by driving relevant advertising, and down the road there could be a lot of cost benefits to doing things this way because we’re able to take out a whole layer of the organization...that can be put into data science for building out better algorithms or putting more salespeople in front of customers," he said.
Why Did The Stock Spike Over 30% On Monday?
Of note, investors in Voltari saw their shares gain more than 30 percent on Monday on no news. Icahn told Benzinga he did not know a reason for the positive price action.
Voltari recently traded near $6.30, up 10 percent on the day.
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