INNOVATE (NYSE:VATE) Shares to Reverse Split on Monday, August 5th

INNOVATE Corp. (NYSE:VATE) shares are scheduled to reverse split on the morning of Monday, August 5th. The 1-10 reverse split was announced on Monday, August 5th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, August 5th.

INNOVATE Stock Performance

INNOVATE stock opened at $0.52 on Friday. The business’s 50-day simple moving average is $0.61 and its two-hundred day simple moving average is $0.72. The company has a market cap of $44.40 million, a PE ratio of -0.97 and a beta of 2.50. INNOVATE has a fifty-two week low of $0.43 and a fifty-two week high of $1.90.

INNOVATE (NYSE:VATE) last issued its earnings results on Tuesday, May 7th. The company reported ($0.22) EPS for the quarter. The firm had revenue of $315.20 million during the quarter.

Institutional Trading of INNOVATE

A number of hedge funds and other institutional investors have recently modified their holdings of VATE. Vanguard Group Inc. lifted its stake in INNOVATE by 14.2% during the first quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock worth $1,920,000 after purchasing an additional 341,653 shares in the last quarter. Teton Advisors Inc. increased its position in shares of INNOVATE by 28.6% during the first quarter. Teton Advisors Inc. now owns 295,734 shares of the company’s stock worth $207,000 after acquiring an additional 65,734 shares during the period. Gabelli Funds LLC raised its stake in shares of INNOVATE by 28.6% in the first quarter. Gabelli Funds LLC now owns 239,801 shares of the company’s stock valued at $168,000 after acquiring an additional 53,301 shares in the last quarter. Finally, PFG Investments LLC purchased a new stake in shares of INNOVATE during the first quarter worth approximately $63,000. 34.28% of the stock is 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.