INNOVATE’s (VATE) Sell (E+) Rating Reiterated at Weiss Ratings

Weiss Ratings restated their sell (e+) rating on shares of INNOVATE (NYSE:VATE) in a report released on Friday,Weiss Ratings reports.

INNOVATE Stock Performance

NYSE VATE opened at $5.66 on Friday. INNOVATE has a twelve month low of $3.71 and a twelve month high of $13.79. The stock has a market capitalization of $75.54 million, a PE ratio of -0.94 and a beta of 1.89. The stock has a 50-day simple moving average of $4.92 and a 200 day simple moving average of $5.46.

INNOVATE (NYSE:VATE) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($1.67) earnings per share for the quarter. The company had revenue of $242.00 million during the quarter.

Hedge Funds Weigh In On INNOVATE

Several large investors have recently added to or reduced their stakes in the company. MSH Capital Advisors LLC raised its holdings in INNOVATE by 14.1% in the 1st quarter. MSH Capital Advisors LLC now owns 16,943 shares of the company’s stock valued at $133,000 after acquiring an additional 2,088 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in INNOVATE in the 1st quarter valued at approximately $47,000. OMERS ADMINISTRATION Corp acquired a new position in INNOVATE in the 1st quarter valued at approximately $253,000. Finally, Prescott Group Capital Management L.L.C. acquired a new position in INNOVATE in the 1st quarter valued at approximately $413,000. Institutional investors and hedge funds own 34.28% of the company’s stock.

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.