INNOVATE Corp. (NYSE:VATE) Short Interest Up 16.5% in November

INNOVATE Corp. (NYSE:VATE) was the target of a significant growth in short interest in November. As of November 30th, there was short interest totalling 316,900 shares, a growth of 16.5% from the November 15th total of 272,100 shares. Based on an average trading volume of 65,700 shares, the short-interest ratio is currently 4.8 days. Approximately 6.6% of the shares of the stock are sold short.

INNOVATE Trading Down 2.6 %

Shares of NYSE VATE traded down $0.15 during mid-day trading on Tuesday, reaching $5.56. The company had a trading volume of 2,259 shares, compared to its average volume of 38,531. The company has a 50-day moving average price of $5.38 and a two-hundred day moving average price of $5.10. The stock has a market cap of $73.73 million, a PE ratio of -1.59 and a beta of 2.37. INNOVATE has a 1-year low of $3.25 and a 1-year high of $13.00.

Insider Activity

In other INNOVATE news, CEO Paul Voigt purchased 25,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was bought at an average cost of $3.98 per share, with a total value of $99,500.00. Following the acquisition, the chief executive officer now owns 25,000 shares of the company’s stock, valued at $99,500. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 55.20% of the company’s stock.

Institutional Trading of INNOVATE

Hedge funds have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in INNOVATE in the 2nd quarter worth about $35,000. Gabelli Funds LLC grew its holdings in shares of INNOVATE by 20.9% during the 2nd quarter. Gabelli Funds LLC now owns 289,801 shares of the company’s stock valued at $175,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of INNOVATE by 14.2% in the first quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock worth $1,920,000 after acquiring an additional 341,653 shares during the last quarter. 34.28% of the stock is owned by hedge funds and other 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.