INNOVATE (NYSE:VATE) Shares Down 0.8% – Here’s Why

INNOVATE Corp. (NYSE:VATE)’s stock price dropped 0.8% on Wednesday . The stock traded as low as $5.07 and last traded at $5.10. Approximately 5,535 shares traded hands during trading, a decline of 67% from the average daily volume of 16,641 shares. The stock had previously closed at $5.14.

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 research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

INNOVATE Stock Down 0.8%

The company’s fifty day moving average price is $5.19 and its two-hundred day moving average price is $5.09. The firm has a market cap of $69.62 million, a PE ratio of -0.92 and a beta of 1.63.

Institutional Investors Weigh In On INNOVATE

A number of institutional investors and hedge funds have recently bought and sold shares of VATE. Jane Street Group LLC acquired a new position in shares of INNOVATE during the 4th quarter valued at $51,000. Squarepoint Ops LLC purchased a new position in INNOVATE in the third quarter valued at about $58,000. Gabelli Funds LLC lifted its stake in shares of INNOVATE by 11.2% during the fourth quarter. Gabelli Funds LLC now owns 18,900 shares of the company’s stock worth $85,000 after purchasing an additional 1,900 shares in the last quarter. Bank of America Corp DE boosted its position in shares of INNOVATE by 13.4% in the third quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock worth $93,000 after buying an additional 2,236 shares during the period. Finally, Citadel Advisors LLC boosted its position in shares of 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 buying an additional 14,163 shares during the period. Hedge funds and other institutional investors 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.