INNOVATE (NYSE:VATE) Trading 1% Higher – Should You Buy?

INNOVATE Corp. (NYSE:VATE)’s stock price rose 1% during mid-day trading on Wednesday . The company traded as high as $3.97 and last traded at $3.89. Approximately 18,894 shares traded hands during trading, a decline of 50% from the average daily volume of 37,551 shares. The stock had previously closed at $3.85.

INNOVATE Price Performance

The business’s fifty day moving average price is $4.67 and its 200-day moving average price is $5.27. The stock has a market capitalization of $51.59 million, a PE ratio of -1.09 and a beta of 2.38.

Institutional Trading of INNOVATE

A number of large investors have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in INNOVATE in the second quarter worth approximately $35,000. Gabelli Funds LLC increased its holdings in shares of INNOVATE by 28.6% in the first quarter. Gabelli Funds LLC now owns 239,801 shares of the company’s stock worth $168,000 after buying an additional 53,301 shares during the period. Teton Advisors Inc. lifted its stake in shares of INNOVATE by 28.6% in the 1st quarter. Teton Advisors Inc. now owns 295,734 shares of the company’s stock valued at $207,000 after acquiring an additional 65,734 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in INNOVATE by 14.2% during the 1st quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock valued at $1,920,000 after acquiring an additional 341,653 shares during the period. Institutional investors own 34.28% of the company’s stock.

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.