INNOVATE (NYSE:VATE) Stock Price Up 1.6% - Time to Buy?

Key Points

• Shares of INNOVATE Corp. (NYSE:VATE) rose 1.6% during mid-day trading, closing at $4.83, despite a significant decrease in trading volume.
• The company reported a loss of ($1.67) EPS for the quarter with a revenue of $242.00 million.
• Institutional investors hold 34.28% of INNOVATE's stock, with several hedge funds increasing their positions in the company this year.

Shares of INNOVATE Corp. (NYSE:VATE - Get Free Report) rose 1.6% during mid-day trading on Friday . The company traded as high as $4.89 and last traded at $4.83. Approximately 5,678 shares traded hands during trading, a decline of 86% from the average daily volume of 39,572 shares. The stock had previously closed at $4.75.

INNOVATE Price Performance

The firm has a market capitalization of $64.37 million, a PE ratio of -0.80 and a beta of 1.90. The business has a 50-day simple moving average of $5.18 and a 200-day simple moving average of $5.87.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. SBI Securities Co. Ltd. bought a new position in shares of INNOVATE during the first quarter valued at approximately $47,000. Northern Trust Corp grew its stake in shares of INNOVATE by 75.5% during the fourth quarter. Northern Trust Corp now owns 19,619 shares of the company's stock valued at $97,000 after buying an additional 8,440 shares during the last quarter. MSH Capital Advisors LLC grew its stake in shares of INNOVATE by 14.1% during the first quarter. MSH Capital Advisors LLC now owns 16,943 shares of the company's stock valued at $133,000 after buying an additional 2,088 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new position in shares of INNOVATE during the first quarter valued at approximately $253,000. Finally, Prescott Group Capital Management L.L.C. bought a new position in INNOVATE in the first quarter worth approximately $413,000. Institutional investors 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.

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