INNOVATE (NYSE:VATE) Trading Down 3.7% – Here’s Why

INNOVATE Corp. (NYSE:VATE) shares dropped 3.7% on Monday . The company traded as low as $5.35 and last traded at $5.3650. Approximately 13,322 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 18,987 shares. The stock had previously closed at $5.57.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of INNOVATE in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, INNOVATE has an average rating of “Sell”.

INNOVATE Price Performance

The company has a market capitalization of $73.23 million, a P/E ratio of -0.96 and a beta of 1.60. The company has a fifty day moving average price of $5.06 and a two-hundred day moving average price of $5.11.

INNOVATE (NYSE:VATE) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.71) earnings per share (EPS) for the quarter. The company had revenue of $347.10 million for the quarter.

Hedge Funds Weigh In On INNOVATE

Hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC bought a new position in INNOVATE during the 3rd quarter worth $58,000. Bank of America Corp DE raised its position in shares of 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. Citadel Advisors LLC raised its position in shares of INNOVATE by 60.2% during 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 last quarter. Finally, Prescott Group Capital Management L.L.C. lifted its stake in shares of INNOVATE by 157.3% in the second quarter. Prescott Group Capital Management L.L.C. now owns 135,885 shares of the company’s stock worth $700,000 after acquiring an additional 83,077 shares during the period. 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.