INNOVATE (NYSE:VATE) Stock Price Down 3.5% - Time to Sell?

Key Points

• INNOVATE Corp. shares fell 3.5% on Monday, trading between $9.34 and $9.58 on volume slightly below average.
• Analyst sentiment remains weak overall, with Weiss Ratings reiterating a sell rating even after Wall Street Zen upgraded the stock to buy; MarketBeat shows an average rating of Sell.
• The company recently posted better-than-expected quarterly results, reporting a smaller loss per share and revenue well above analyst estimates, despite the stock’s weak price performance.

INNOVATE Corp. (NYSE:VATE - Get Free Report) traded down 3.5% during trading on Monday . The company traded as low as $9.34 and last traded at $9.58. Approximately 122,328 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 125,127 shares. The stock had previously closed at $9.93.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on VATE. Weiss Ratings reiterated a "sell (e+)" rating on shares of INNOVATE in a research note on Monday, May 18th. Wall Street Zen raised shares of INNOVATE to a "buy" rating in a research report on Saturday, May 16th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, INNOVATE presently has an average rating of "Sell".

INNOVATE Price Performance

The stock has a market cap of $130.67 million, a PE ratio of -2.25 and a beta of 2.28. The company has a 50 day moving average price of $15.10 and a two-hundred day moving average price of $9.35.

INNOVATE (NYSE:VATE - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported ($1.29) earnings per share for the quarter, beating the consensus estimate of ($2.18) by $0.89. The company had revenue of $364.80 million for the quarter, compared to analysts' expectations of $251.70 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Jane Street Group LLC bought a new position in INNOVATE in the fourth quarter worth approximately $51,000. Gabelli Funds LLC grew its position in shares of INNOVATE by 11.2% during the 4th quarter. Gabelli Funds LLC now owns 18,900 shares of the company's stock valued at $85,000 after acquiring an additional 1,900 shares during the period. ARS Investment Partners LLC grew its position in shares of INNOVATE by 121.9% during the 4th quarter. ARS Investment Partners LLC now owns 102,442 shares of the company's stock valued at $463,000 after acquiring an additional 56,276 shares during the period. Citadel Advisors LLC increased its stake in shares of INNOVATE by 60.2% in the 3rd quarter. Citadel Advisors LLC now owns 37,694 shares of the company's stock worth $184,000 after purchasing an additional 14,163 shares in the last quarter. Finally, Bank of America Corp DE increased its stake 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 worth $93,000 after purchasing an additional 2,236 shares in the last quarter. 34.28% of the stock is owned by hedge funds and other institutional investors.

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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