INNOVATE Corp. $VATE Shares Sold by ARS Investment Partners LLC

ARS Investment Partners LLC cut its stake in shares of INNOVATE Corp. (NYSE:VATE) by 40.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 61,246 shares of the company’s stock after selling 41,196 shares during the period. ARS Investment Partners LLC’s holdings in INNOVATE were worth $348,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Jane Street Group LLC acquired a new stake in shares of INNOVATE during the 4th quarter worth $51,000. Gabelli Funds LLC boosted its holdings in INNOVATE by 11.2% in the fourth quarter. Gabelli Funds LLC now owns 18,900 shares of the company’s stock valued at $85,000 after acquiring an additional 1,900 shares during the last quarter. Citadel Advisors LLC boosted its holdings in INNOVATE by 60.2% in the third quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock valued at $184,000 after acquiring an additional 14,163 shares during the last quarter. Bank of America Corp DE grew its position in INNOVATE by 13.4% during the third quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock valued at $93,000 after acquiring an additional 2,236 shares during the period. Finally, Squarepoint Ops LLC purchased a new stake in INNOVATE during the third quarter valued at about $58,000. 34.28% of the stock is owned by hedge funds and other institutional investors.

INNOVATE Stock Up 1.0%

VATE opened at $20.26 on Friday. INNOVATE Corp. has a 52-week low of $3.75 and a 52-week high of $21.30. The company has a 50 day moving average of $13.67 and a two-hundred day moving average of $8.15. The company has a market cap of $276.35 million, a P/E ratio of -4.77 and a beta of 2.32.

INNOVATE (NYSE:VATE) last issued its earnings results on Thursday, May 14th. The company reported ($1.29) EPS for the quarter, beating analysts’ consensus estimates of ($2.18) by $0.89. The business had revenue of $364.80 million during the quarter, compared to analysts’ expectations of $251.70 million.

Analysts Set New Price Targets

Several equities research analysts have commented on VATE shares. Wall Street Zen upgraded INNOVATE to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of INNOVATE in a research note on Monday, May 18th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, INNOVATE has an average rating of “Sell”.

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.