INNOVATE (NYSE:VATE) Stock Price Up 6.6% – What’s Next?

INNOVATE Corp. (NYSE:VATE) shares traded up 6.6% during mid-day trading on Tuesday . The stock traded as high as $5.83 and last traded at $5.81. 34,861 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 196,028 shares. The stock had previously closed at $5.45.

INNOVATE Trading Up 6.6%

The stock has a market capitalization of $77.15 million, a PE ratio of -1.62 and a beta of 2.23. The firm’s fifty day moving average is $6.27 and its 200-day moving average is $7.26.

INNOVATE (NYSE:VATE) last released its earnings results on Tuesday, May 6th. The company reported ($1.89) earnings per share for the quarter. The company had revenue of $274.20 million for the quarter.

Institutional Investors Weigh In On INNOVATE

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in INNOVATE by 1.6% in the fourth 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. MSH Capital Advisors LLC lifted its stake in shares of 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 purchasing an additional 2,088 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in INNOVATE in the 1st quarter worth approximately $47,000. Northern Trust Corp boosted its holdings in INNOVATE by 75.5% in the 4th quarter. Northern Trust Corp now owns 19,619 shares of the company’s stock worth $97,000 after acquiring an additional 8,440 shares during the period. Finally, Aristeia Capital L.L.C. acquired a new position in shares of INNOVATE in the 4th quarter valued at approximately $67,000. 34.28% of the stock is owned by institutional investors and hedge funds.

INNOVATE Company Profile

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.