INNOVATE (NYSE:VATE) Shares Down 0.2% – Here’s Why

INNOVATE Corp. (NYSE:VATE)’s share price fell 0.2% during mid-day trading on Monday . The stock traded as low as $16.71 and last traded at $18.9460. 103,664 shares traded hands during mid-day trading, an increase of 67% from the average session volume of 62,201 shares. The stock had previously closed at $18.98.

Wall Street Analyst Weigh In

Several research firms recently issued reports on VATE. Weiss Ratings reissued a “sell (e+)” rating on shares of INNOVATE in a report on Monday, May 18th. Wall Street Zen raised shares of INNOVATE to a “buy” rating in a report on Saturday, May 16th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

INNOVATE Trading Down 3.3%

The business’s fifty day simple moving average is $12.15 and its 200-day simple moving average is $7.52.

INNOVATE (NYSE:VATE) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.18) by $0.89. The company had revenue of $364.80 million for the quarter, compared to analysts’ expectations of $251.70 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in shares of INNOVATE in the fourth quarter valued at $51,000. Gabelli Funds LLC boosted its stake in INNOVATE by 11.2% during the fourth quarter. Gabelli Funds LLC now owns 18,900 shares of the company’s stock worth $85,000 after buying an additional 1,900 shares during the period. ARS Investment Partners LLC boosted its stake in INNOVATE by 121.9% during the fourth quarter. ARS Investment Partners LLC now owns 102,442 shares of the company’s stock worth $463,000 after buying an additional 56,276 shares during the period. Citadel Advisors LLC boosted its stake in INNOVATE by 60.2% during the third quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock worth $184,000 after buying an additional 14,163 shares during the period. Finally, Bank of America Corp DE boosted its stake in INNOVATE by 13.4% during the third quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock worth $93,000 after buying an additional 2,236 shares during the period. 34.28% of the stock is owned by hedge funds and other institutional investors.

About INNOVATE

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.