INNOVATE (NYSE:VATE) Trading Down 3.7% - Time to Sell?

Key Points

• INNOVATE Corp. (NYSE:VATE) saw a decline of 3.7% in its share price, closing at $4.69 after trading as low as $4.60, with trading volume dropping by 50% compared to the average.
• For the previous quarter, INNOVATE reported an EPS of -$1.67 and revenue of $242 million, indicating ongoing financial challenges.
• Institutional investors have recently increased their holdings, with Prescott Group Capital Management boosting its stake by 157.3%, now owning over 135,000 shares.

INNOVATE Corp. (NYSE:VATE - Get Free Report)'s share price was down 3.7% during trading on Friday . The stock traded as low as $4.60 and last traded at $4.69. Approximately 14,332 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 28,698 shares. The stock had previously closed at $4.87.

INNOVATE Price Performance

The firm has a 50-day moving average price of $5.39 and a 200 day moving average price of $7.05. The company has a market cap of $62.56 million, a price-to-earnings ratio of -0.78 and a beta of 1.81.

INNOVATE (NYSE:VATE - Get Free Report) last posted 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 Investors Weigh In On INNOVATE

Several institutional investors have recently made changes to their positions in VATE. Prescott Group Capital Management L.L.C. boosted its stake in shares of INNOVATE by 157.3% in the second quarter. Prescott Group Capital Management L.L.C. now owns 135,885 shares of the company's stock valued at $700,000 after buying an additional 83,077 shares during the period. Cantor Fitzgerald L. P. bought a new stake in shares of INNOVATE in the fourth quarter valued at approximately $246,000. OMERS ADMINISTRATION Corp bought a new stake in shares of INNOVATE in the first quarter valued at approximately $253,000. Bridgeway Capital Management LLC lifted its stake in INNOVATE by 119.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 45,000 shares of the company's stock worth $222,000 after purchasing an additional 24,500 shares during the last quarter. Finally, MSH Capital Advisors LLC acquired a new stake in shares of INNOVATE in the 4th quarter valued at $73,000. 34.28% of the stock is currently owned by institutional investors.

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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