INNOVATE (NYSE:VATE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of INNOVATE (NYSE:VATE) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of INNOVATE in a research report on Monday, May 18th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

INNOVATE Stock Down 5.2%

NYSE:VATE opened at $7.55 on Friday. The company has a market capitalization of $102.98 million, a PE ratio of -4.04 and a beta of 2.35. INNOVATE has a 52-week low of $3.75 and a 52-week high of $21.30. The stock has a fifty day simple moving average of $12.29 and a 200-day simple moving average of $9.90.

INNOVATE (NYSE:VATE) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of ($2.18) by $2.89. The business had revenue of $421.60 million during the quarter, compared to analysts’ expectations of $251.70 million.

Hedge Funds Weigh In On INNOVATE

Institutional investors have recently made changes to their positions in the stock. Gabelli Funds LLC boosted its stake in shares of INNOVATE by 11.2% during the fourth quarter. Gabelli Funds LLC now owns 18,900 shares of the company’s stock valued at $85,000 after acquiring an additional 1,900 shares during the last quarter. Bank of America Corp DE raised its stake in INNOVATE by 13.4% in the 3rd quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock valued at $93,000 after purchasing an additional 2,236 shares during the last quarter. Jane Street Group LLC purchased a new position in INNOVATE in the 4th quarter valued at about $51,000. Squarepoint Ops LLC purchased a new position in INNOVATE in the 3rd quarter valued at about $58,000. Finally, Citadel Advisors LLC lifted its holdings in INNOVATE by 60.2% in the 3rd quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock valued at $184,000 after purchasing an additional 14,163 shares in the last quarter. 34.28% of the stock is 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.