INNOVATE (NYSE:VATE) Trading 9.2% Higher – Here’s Why

Shares of INNOVATE Corp. (NYSE:VATE) were up 9.2% on Wednesday . The stock traded as high as $6.02 and last traded at $5.96. Approximately 20,658 shares changed hands during trading, a decline of 43% from the average daily volume of 36,524 shares. The stock had previously closed at $5.46.

INNOVATE Stock Up 14.5 %

The stock has a market capitalization of $532.45 million, a PE ratio of -10.41 and a beta of 2.46. The business’s fifty day moving average is $4.01 and its 200-day moving average is $5.50.

INNOVATE (NYSE:VATE) last issued its earnings results on Wednesday, August 7th. The company reported $1.00 EPS for the quarter. The business had revenue of $313.10 million during the quarter.

Institutional Investors Weigh In On INNOVATE

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of 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 buying an additional 341,653 shares in the last quarter. Teton Advisors Inc. increased its holdings in INNOVATE by 28.6% in the first quarter. Teton Advisors Inc. now owns 295,734 shares of the company’s stock valued at $207,000 after buying an additional 65,734 shares during the last quarter. Gabelli Funds LLC increased its holdings in shares of INNOVATE by 28.6% in the 1st 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 during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of INNOVATE during the 2nd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 34.28% of the company’s stock.

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.