INNOVATE (NYSE:VATE) Stock Falls 4.3% - What's Next?

Key Points

• INNOVATE shares fell 4.3% to $5.55 in Friday trading, while volume surged 119% above the average. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is negative: INNOVATE has a consensus rating of “Sell”, with one analyst issuing a Sell rating and another downgrading the stock from Strong Buy to Buy.
• The company’s latest quarterly results exceeded expectations, reporting $0.71 in earnings per share versus a consensus loss estimate of $2.18 and revenue of $421.6 million versus estimates of $251.7 million.

INNOVATE Corp. (NYSE:VATE - Get Free Report)'s stock price fell 4.3% during trading on Friday. The stock traded as low as $5.46 and last traded at $5.55. 132,471 shares were traded during trading, an increase of 119% from the average daily volume of 60,403 shares. The stock had previously closed at $5.80.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on VATE shares. Wall Street Zen cut INNOVATE from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 12th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of INNOVATE in a report on Thursday, August 13th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, INNOVATE currently has a consensus rating of "Sell".

INNOVATE Stock Performance

The company has a market cap of $75.71 million, a price-to-earnings ratio of -2.97 and a beta of 2.43. The stock's fifty day simple moving average is $7.01 and its two-hundred day simple moving average is $8.87.

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

Hedge Funds Weigh In On INNOVATE

An institutional investor recently bought a new position in INNOVATE stock. Bank of New York Mellon Corp acquired a new position in INNOVATE Corp. (NYSE:VATE - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,664 shares of the company's stock, valued at approximately $274,000. Bank of New York Mellon Corp owned approximately 0.11% of INNOVATE as of its most recent SEC filing. Institutional investors own 34.28% of the company's stock.

About INNOVATE

INNOVATE Corp. NYSE: VATE is a diversified holding company focused primarily on infrastructure and life sciences businesses. Through its subsidiaries, the company operates businesses involved in structural steel fabrication, industrial construction, engineering and related infrastructure services, as well as the development and commercialization of medical technologies.

Its infrastructure operations are centered on DBM Global, a provider of structural steel and related services for commercial, industrial, institutional and infrastructure projects.

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