INNOVATE (NYSE:VATE) Stock Price Up 0.3% – Here’s What Happened

INNOVATE Corp. (NYSE:VATE)’s stock price rose 0.3% during trading on Thursday . The stock traded as high as $8.45 and last traded at $8.23. Approximately 20,718 shares traded hands during trading, a decline of 89% from the average daily volume of 191,055 shares. The stock had previously closed at $8.20.

INNOVATE Stock Performance

The business has a 50-day simple moving average of $9.95 and a 200 day simple moving average of $6.73. The firm has a market cap of $107.94 million, a P/E ratio of -2.27 and a beta of 2.82.

Hedge Funds Weigh In On INNOVATE

A number of institutional investors have recently modified their holdings of VATE. Geode Capital Management LLC increased its position in shares of INNOVATE by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 123,674 shares of the company’s stock valued at $611,000 after acquiring an additional 1,962 shares during the period. Northern Trust Corp increased its holdings in shares of INNOVATE by 75.5% in the fourth quarter. Northern Trust Corp now owns 19,619 shares of the company’s stock valued at $97,000 after purchasing an additional 8,440 shares during the last quarter. Aristeia Capital L.L.C. acquired a new position in INNOVATE in the 4th quarter valued at about $67,000. MSH Capital Advisors LLC purchased a new position in shares of INNOVATE during the 4th quarter worth approximately $73,000. Finally, ARS Investment Partners LLC increased its stake in INNOVATE by 38.1% during the fourth quarter. ARS Investment Partners LLC now owns 85,170 shares of the company’s stock worth $421,000 after purchasing an additional 23,500 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.