Wall Street Zen Downgrades INNOVATE (NYSE:VATE) to Buy

Key Points

• Wall Street Zen downgraded INNOVATE from “strong-buy” to “buy,” while Weiss Ratings maintained a “sell (e+)” rating; MarketBeat data shows an overall average rating of “Sell.”
• INNOVATE shares opened at $7.14, well below their 50-day and 200-day moving averages of $8.40 and $10.15, respectively, with a 52-week range of $3.75 to $21.30.
• The company reported quarterly EPS of $0.71, beating the consensus estimate of a $2.18 loss, and revenue of $421.6 million versus expectations of $251.7 million.

INNOVATE (NYSE:VATE - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of INNOVATE in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, INNOVATE currently has an average rating of "Sell".

INNOVATE Price Performance

VATE opened at $7.14 on Friday. The firm has a 50 day simple moving average of $8.40 and a 200 day simple moving average of $10.15. INNOVATE has a fifty-two week low of $3.75 and a fifty-two week high of $21.30. The company has a market cap of $97.35 million, a price-to-earnings ratio of -3.82 and a beta of 2.33.

INNOVATE (NYSE:VATE - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($2.18) by $2.89. The business had revenue of $421.60 million during the quarter, compared to the consensus estimate of $251.70 million.

Institutional Trading of INNOVATE

A number of hedge funds have recently modified their holdings of VATE. Jane Street Group LLC acquired a new stake in INNOVATE in the fourth quarter worth $51,000. Squarepoint Ops LLC acquired a new position in shares of INNOVATE in the 3rd quarter valued at $58,000. Gabelli Funds LLC increased its position in shares of INNOVATE by 11.2% in the 4th quarter. Gabelli Funds LLC now owns 18,900 shares of the company's stock valued at $85,000 after buying an additional 1,900 shares in the last quarter. Bank of America Corp DE increased its position in shares of INNOVATE by 13.4% in the 3rd quarter. Bank of America Corp DE now owns 18,962 shares of the company's stock valued at $93,000 after buying an additional 2,236 shares in the last quarter. Finally, Citadel Advisors LLC raised its stake in INNOVATE by 60.2% during the 3rd 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. 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.

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