INNOVATE (NYSE:VATE) Trading Up 9.2% – Still a Buy?

by · The Cerbat Gem

INNOVATE Corp. (NYSE:VATE – Get Free Report) shares were up 9.2% on Wednesday . The company traded as high as $6.02 and last traded at $5.96. Approximately 20,658 shares were traded during trading, a decline of 43% from the average daily volume of 36,524 shares. The stock had previously closed at $5.46.

INNOVATE Stock Performance

The company has a 50-day moving average of $4.23 and a 200-day moving average of $5.50. The stock has a market capitalization of $500.08 million, a price-to-earnings ratio of -10.68 and a beta of 2.46.

INNOVATE (NYSE:VATE – Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $1.00 earnings per share for the quarter. The company had revenue of $313.10 million during the quarter.

Institutional Investors Weigh In On INNOVATE

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in INNOVATE in the second quarter valued at approximately $35,000. Gabelli Funds LLC increased its position in shares of INNOVATE by 28.6% in the 1st quarter. Gabelli Funds LLC now owns 239,801 shares of the company’s stock worth $168,000 after purchasing an additional 53,301 shares during the last quarter. Teton Advisors Inc. increased its holdings in INNOVATE by 28.6% in the first quarter. Teton Advisors Inc. now owns 295,734 shares of the company’s stock valued at $207,000 after buying an additional 65,734 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of INNOVATE by 14.2% in the 1st quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock worth $1,920,000 after buying an additional 341,653 shares during the last quarter. Hedge funds and other institutional investors own 34.28% of the company’s stock.

INNOVATE Company Profile

(Get Free Report)

INNOVATE Corp., through its subsidiaries, operates in infrastructure, life sciences, and spectrum areas in the United States. The Infrastructure segment provides industrial construction, structural steel, and facility maintenance services, such as fabrication and erection of structural steel and heavy steel plate services, and large-diameter water pipes and water storage tanks; fabrication of trusses and girders; and 3-D building information modeling and detailing for commercial, industrial, and infrastructure construction projects, such as buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills, and power plants.

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