INNOVATE (NYSE:VATE) Trading Down 3.7% – Here’s Why

INNOVATE Corp. (NYSE:VATE)’s share price traded down 3.7% during mid-day trading on Monday . The stock traded as low as $5.35 and last traded at $5.3650. 13,322 shares were traded during trading, a decline of 30% from the average session volume of 18,987 shares. The stock had previously closed at $5.57.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of INNOVATE in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, INNOVATE presently has an average rating of “Sell”.

INNOVATE Price Performance

The stock has a fifty day simple moving average of $5.06 and a two-hundred day simple moving average of $5.11. The firm has a market capitalization of $73.23 million, a P/E ratio of -0.96 and a beta of 1.60.

INNOVATE (NYSE:VATE) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.71) earnings per share (EPS) for the quarter. The business had revenue of $347.10 million during the quarter.

Institutional Investors Weigh In On INNOVATE

A number of large investors have recently bought and sold shares of the stock. Prescott Group Capital Management L.L.C. raised its holdings in shares of INNOVATE by 157.3% during 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 purchasing an additional 83,077 shares during the period. Citadel Advisors LLC increased its position in INNOVATE by 60.2% in the 3rd quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock valued at $184,000 after buying an additional 14,163 shares in the last quarter. Squarepoint Ops LLC acquired a new position in INNOVATE during the 3rd quarter worth approximately $58,000. Finally, Bank of America Corp DE boosted its holdings in INNOVATE by 13.4% in the third quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock worth $93,000 after acquiring an additional 2,236 shares in the last quarter. 34.28% of the stock is currently owned by institutional investors and hedge funds.

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.