Many on Wall Street were left scratching their heads in March when Carl Icahn disclosed a 52.3% stake in Voltari Corp. (NASDAQ:VLTC). He’s not the only billionaire taking a look at bite-sized stocks – and liking what he sees.
Since Icahn disclosed his stake in Voltari, the stock has climbed more than +900%. At market close Monday, it was trading at $9.19 – leaps and bounds above its 52-week low of $0.63. Other hedge fund heavyweights have thrown their hats into the small-cap ring in Icahn’s wake.
John Paulson: Synthesis Energy Systems Inc. (NASDAQ:SYMX)
Synthesis is a development-stage global energy and gasification technology companies that provides products and solutions to the energy and chemical industries. It has been trading publicly since 2007.
Its $134.77 market capitalization puts it in the micro-cap category. Since Paulson disclosed his stake, the stock has climbed significantly higher. SYMX has rallied more than +40% in the past month and closed the day Monday at $1.58. That is still well below its 52-week high of $2.10 but also quite a bit above its low of $0.63.
Leon Cooperman: Aspen Group Inc. (OTCBB:ASPU)
With a $23.2 million market capitalization, ASPU falls into the nano-cap – a.k.a. penny stock – category. The online and distance-learning education company trades over the counter and closed the day Monday at $0.205 per share.
So far, Leon Cooperman’s position in Aspen has had little effect on its stock price. The stock has climbed about +3% since the billionaire disclosed his position. On May 4th, Zacks cut its rating on ASPU from a buy to hold.
George Soros: PlasmaTech Biopharmaceuticals (NASDAQ:PTBI)
PlasmaTech Biopharmaceuticals is a biotech firm that develops and commercializes plasma-derived therapeutics and cancer supportive care products. Its market cap, according to data from Bloomberg, is just $195.99 million.
Soros first bought into PTBI in the fourth quarter of last year, initially picking up 250,000 shares. He disclosed his increased stake on May 4th, since which time the stock has skyrocketed nearly +250%.