Weiss Ratings Reaffirms Sell (E+) Rating for INNOVATE (NYSE:VATE)

Key Points

• Weiss Ratings has reaffirmed a Sell (E+) rating for INNOVATE (NYSE:VATE) in a recent research note.
• INNOVATE's shares increased by 4.7% on Friday, reaching a price of $5.51, while the company has a market capitalization of $73.44 million.
• Institutional investors currently own 34.28% of INNOVATE's stock, with significant activity including a 157.3% increase in holdings by Prescott Group Capital Management.

INNOVATE (NYSE:VATE - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by equities researchers at Weiss Ratings in a research note issued on Friday,Weiss Ratings reports.

INNOVATE Stock Up 4.7%

Shares of NYSE:VATE traded up $0.25 during trading on Friday, hitting $5.51. 21,413 shares of the company were exchanged, compared to its average volume of 218,900. INNOVATE has a 1-year low of $3.71 and a 1-year high of $13.79. The company has a market capitalization of $73.44 million, a P/E ratio of -0.91 and a beta of 1.89. The business's 50 day moving average is $4.90 and its 200-day moving average is $5.47.

INNOVATE (NYSE:VATE - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($1.67) earnings per share for the quarter. The company had revenue of $242.00 million during the quarter.

Institutional Investors Weigh In On INNOVATE

Hedge funds have recently added to or reduced their stakes in the business. Prescott Group Capital Management L.L.C. grew its holdings in INNOVATE by 157.3% during the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 135,885 shares of the company's stock worth $700,000 after acquiring an additional 83,077 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of INNOVATE during the first quarter worth $253,000. SBI Securities Co. Ltd. bought a new stake in shares of INNOVATE in the first quarter worth $47,000. Finally, MSH Capital Advisors LLC increased its holdings in INNOVATE by 14.1% in the first quarter. MSH Capital Advisors LLC now owns 16,943 shares of the company's stock valued at $133,000 after purchasing an additional 2,088 shares during the period. 34.28% of the stock is currently owned by institutional investors and hedge funds.

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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