Prescott Group Capital Management L.L.C. Acquires Shares of 52,808 INNOVATE Corp. (NYSE:VATE)

Key Points

• Prescott Group Capital Management L.L.C. acquired a new stake in INNOVATE Corp., valuing at approximately $413,000 for 52,808 shares, representing 0.40% ownership of the company.
• Other institutional investors, including SBI Securities and Bridgeway Capital Management, have also increased their holdings in INNOVATE, with a total of 34.28% of the company's stock now owned by institutional investors and hedge funds.
• INNOVATE's stock is currently down 1.9%, with shares trading at $5.67, while the company has reported negative earnings per share of ($1.89) for the last quarter.

Prescott Group Capital Management L.L.C. acquired a new position in INNOVATE Corp. (NYSE:VATE - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 52,808 shares of the company's stock, valued at approximately $413,000. Prescott Group Capital Management L.L.C. owned about 0.40% of INNOVATE as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new stake in shares of INNOVATE in the 1st quarter worth approximately $47,000. Bridgeway Capital Management LLC grew its position in shares of INNOVATE by 119.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 45,000 shares of the company's stock worth $222,000 after buying an additional 24,500 shares during the last quarter. Cantor Fitzgerald L. P. bought a new stake in shares of INNOVATE in the 4th quarter worth approximately $246,000. Aristeia Capital L.L.C. bought a new stake in shares of INNOVATE in the 4th quarter worth approximately $67,000. Finally, Northern Trust Corp grew its position in shares of 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 buying an additional 8,440 shares during the last quarter. 34.28% of the stock is currently owned by institutional investors.

INNOVATE Trading Down 1.4%

Shares of VATE stock traded down $0.08 during trading hours on Tuesday, reaching $5.81. The company's stock had a trading volume of 3,349 shares, compared to its average volume of 297,281. INNOVATE Corp. has a one year low of $3.25 and a one year high of $13.79. The stock has a market capitalization of $77.17 million, a P/E ratio of -1.73 and a beta of 1.72. The firm's fifty day simple moving average is $5.63 and its 200 day simple moving average is $7.28.

INNOVATE (NYSE:VATE - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($1.89) earnings per share (EPS) for the quarter. The business had revenue of $274.20 million during the quarter.

INNOVATE 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.