INNOVATE (NYSE:VATE) Trading Down 3.5% – Here’s Why

INNOVATE Corp. (NYSE:VATE) was down 3.5% during trading on Monday . The stock traded as low as $9.34 and last traded at $9.58. 122,328 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 125,127 shares. The stock had previously closed at $9.93.

Analysts Set New Price Targets

VATE has been the topic of several recent research reports. Wall Street Zen raised shares of INNOVATE to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of INNOVATE in a research report on Monday, May 18th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

INNOVATE Stock Down 1.9%

The stock has a market cap of $127.29 million, a PE ratio of -2.20 and a beta of 2.28. The stock has a 50-day moving average of $15.04 and a 200 day moving average of $9.39.

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

Institutional Investors Weigh In On INNOVATE

Several hedge funds and other institutional investors have recently bought and sold shares of the company. ARS Investment Partners LLC raised its position in shares of INNOVATE by 121.9% during the 4th quarter. ARS Investment Partners LLC now owns 102,442 shares of the company’s stock valued at $463,000 after buying an additional 56,276 shares during the period. Citadel Advisors LLC grew its position in INNOVATE by 60.2% in the third quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock worth $184,000 after acquiring an additional 14,163 shares during the period. Squarepoint Ops LLC purchased a new position in INNOVATE in the third quarter worth approximately $58,000. Jane Street Group LLC acquired a new stake in INNOVATE during the fourth quarter worth $51,000. Finally, Bank of America Corp DE increased 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 acquiring an additional 2,236 shares during the last quarter. 34.28% of the stock is currently owned by institutional investors and hedge funds.

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.