INNOVATE (NYSE:VATE) Stock Price Down 3.5% – Time to Sell?

INNOVATE Corp. (NYSE:VATE) shares traded down 3.5% during trading on Monday . The company traded as low as $9.34 and last traded at $9.58. 122,328 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 125,127 shares. The stock had previously closed at $9.93.

Wall Street Analyst Weigh In

Several research analysts have recently commented on VATE shares. Wall Street Zen raised INNOVATE to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings reiterated 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, the company has an average rating of “Sell”.

INNOVATE Trading Down 3.5%

The firm has a market cap of $130.67 million, a PE ratio of -2.25 and a beta of 2.28. The stock has a 50 day simple moving average of $15.10 and a 200-day simple moving average of $9.35.

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

Hedge Funds Weigh In On INNOVATE

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VATE. ARS Investment Partners LLC increased its stake in INNOVATE by 121.9% in 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 during the last quarter. Citadel Advisors LLC boosted its position in shares of INNOVATE by 60.2% during the 3rd 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 boosted its position in shares of INNOVATE by 13.4% during the 3rd 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 last quarter. Gabelli Funds LLC grew its holdings in shares of 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 purchasing an additional 1,900 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of INNOVATE in the third quarter valued at $58,000. 34.28% of the stock is owned by institutional investors.

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.