INNOVATE (NYSE:VATE) Given "Sell (E+)" Rating at Weiss Ratings

Key Points

• INNOVATE's stock (NYSE: VATE) has received a "sell (E+)" rating from Weiss Ratings, indicating ongoing concerns about the company's performance.
• The stock has experienced a 2.8% decline recently, trading at $4.20, with a market cap of $56.01 million and a negative PE ratio of -0.70.
• Institutional investors now hold approximately 34.28% of INNOVATE's shares, suggesting significant interest from hedge funds despite recent challenges.

INNOVATE (NYSE:VATE - Get Free Report)'s stock had its "sell (e+)" rating reiterated by equities research analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

INNOVATE Trading Down 2.8%

NYSE VATE traded down $0.12 during trading hours on Wednesday, reaching $4.20. The company's stock had a trading volume of 39,182 shares, compared to its average volume of 229,225. The business has a 50-day simple moving average of $5.02 and a 200 day simple moving average of $5.68. INNOVATE has a 52 week low of $3.71 and a 52 week high of $13.79. The stock has a market cap of $56.01 million, a PE ratio of -0.70 and a beta of 1.89.

INNOVATE (NYSE:VATE - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($1.67) earnings per share (EPS) for the quarter. The business had revenue of $242.00 million for the quarter.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. acquired a new stake in shares of INNOVATE during the 1st quarter valued at $47,000. 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 during the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of INNOVATE in the 1st quarter valued at $253,000. Finally, Prescott Group Capital Management L.L.C. acquired a new stake in shares of INNOVATE in the 1st quarter valued at $413,000. Institutional investors and hedge funds own 34.28% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.