INNOVATE (NYSE:VATE) Shares Up 2.1%

INNOVATE Corp. (NYSE:VATEGet Free Report) shares shot up 2.1% during mid-day trading on Tuesday . The stock traded as high as $0.65 and last traded at $0.63. 85,427 shares changed hands during trading, a decline of 67% from the average session volume of 259,338 shares. The stock had previously closed at $0.62.

INNOVATE Stock Performance

The firm’s 50 day simple moving average is $0.66 and its 200-day simple moving average is $0.78. The company has a market cap of $53.50 million, a price-to-earnings ratio of -1.12 and a beta of 2.49.

INNOVATE (NYSE:VATEGet Free Report) last announced its earnings results on Tuesday, May 7th. The company reported ($0.22) earnings per share (EPS) for the quarter. The business had revenue of $315.20 million for the quarter.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. PFG Investments LLC purchased a new position in shares of INNOVATE during the 1st quarter worth $63,000. Gabelli Funds LLC raised its holdings in shares of INNOVATE by 28.6% during the 1st quarter. Gabelli Funds LLC now owns 239,801 shares of the company’s stock worth $168,000 after acquiring an additional 53,301 shares during the period. Teton Advisors Inc. raised its holdings in shares of INNOVATE by 28.6% during the 1st quarter. Teton Advisors Inc. now owns 295,734 shares of the company’s stock worth $207,000 after acquiring an additional 65,734 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of INNOVATE by 14.2% during the 1st quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock worth $1,920,000 after acquiring an additional 341,653 shares during the period. 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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