INNOVATE (NYSE:VATE) Upgraded by Wall Street Zen to Strong-Buy Rating

Key Points

• Wall Street Zen upgraded INNOVATE from “buy” to “strong-buy,” but Weiss Ratings maintained a “sell (e+)” rating; MarketBeat lists the overall consensus as “Sell.”
• INNOVATE reported quarterly earnings of $0.71 per share, beating estimates by $2.89, while revenue of $421.6 million exceeded expectations of $251.7 million.
• Shares opened at $7.87, with a market capitalization of $107.28 million and a one-year trading range of $3.75 to $21.30; institutional investors own 34.28% of the stock.

INNOVATE (NYSE:VATE - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Saturday.

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of INNOVATE in a research report on Monday, May 18th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of "Sell".

INNOVATE Stock Performance

NYSE VATE opened at $7.87 on Friday. The business has a fifty day moving average price of $12.52 and a 200 day moving average price of $9.86. INNOVATE has a one year low of $3.75 and a one year high of $21.30. The company has a market cap of $107.28 million, a P/E ratio of -4.21 and a beta of 2.35.

INNOVATE (NYSE:VATE - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of ($2.18) by $2.89. The firm had revenue of $421.60 million during the quarter, compared to analysts' expectations of $251.70 million.

Institutional Investors Weigh In On INNOVATE

Several hedge funds and other institutional investors have recently made changes to their positions in VATE. Jane Street Group LLC purchased a new position in INNOVATE during the fourth quarter worth approximately $51,000. Squarepoint Ops LLC purchased a new stake in INNOVATE in the 3rd quarter valued at $58,000. Gabelli Funds LLC grew its holdings in INNOVATE by 11.2% in the 4th quarter. Gabelli Funds LLC now owns 18,900 shares of the company's stock valued at $85,000 after buying an additional 1,900 shares in the last quarter. Bank of America Corp DE grew its holdings in INNOVATE by 13.4% in the 3rd quarter. Bank of America Corp DE now owns 18,962 shares of the company's stock valued at $93,000 after buying an additional 2,236 shares in the last quarter. Finally, 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 acquiring an additional 14,163 shares during the last quarter. Institutional investors and hedge funds own 34.28% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source