INNOVATE (NYSE:VATE) Stock Price Down 0.2% – Time to Sell?

INNOVATE Corp. (NYSE:VATE)’s share price was down 0.2% during mid-day trading on Monday . The company traded as low as $16.71 and last traded at $18.9460. Approximately 103,664 shares traded hands during trading, an increase of 67% from the average daily volume of 62,201 shares. The stock had previously closed at $18.98.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on VATE. Wall Street Zen upgraded shares of INNOVATE to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings restated a “sell (e+)” rating on shares of INNOVATE in a report on Monday, May 18th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of “Sell”.

INNOVATE Trading Down 0.2%

The company’s 50 day moving average is $11.69 and its 200 day moving average is $7.36. The stock has a market capitalization of $258.42 million, a price-to-earnings ratio of -4.46 and a beta of 2.32.

INNOVATE (NYSE:VATE) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($1.29) EPS for the quarter, topping the consensus estimate of ($2.18) by $0.89. The company had revenue of $364.80 million for the quarter, compared to analyst estimates of $251.70 million.

Institutional Investors Weigh In On INNOVATE

Several hedge funds and other institutional investors have recently bought and sold shares of VATE. ARS Investment Partners LLC raised its stake in INNOVATE by 121.9% during the 4th quarter. ARS Investment Partners LLC now owns 102,442 shares of the company’s stock worth $463,000 after acquiring an additional 56,276 shares in the last quarter. Citadel Advisors LLC raised its stake in INNOVATE by 60.2% during 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 in the last quarter. Squarepoint Ops LLC acquired a new stake in INNOVATE during the 3rd quarter worth $58,000. Jane Street Group LLC purchased a new position in INNOVATE during the 4th quarter worth $51,000. Finally, Bank of America Corp DE grew its position in INNOVATE by 13.4% during the 3rd quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock worth $93,000 after purchasing an additional 2,236 shares during the last quarter. 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.