INNOVATE (NYSE:VATE) Stock Price Down 0.3% – Time to Sell?

INNOVATE Corp. (NYSE:VATE)’s share price traded down 0.3% during trading on Tuesday . The stock traded as low as $12.01 and last traded at $12.66. 56,521 shares were traded during trading, a decline of 96% from the average session volume of 1,359,056 shares. The stock had previously closed at $12.69.

INNOVATE Stock Performance

The firm has a market capitalization of $167.81 million, a P/E ratio of -3.53 and a beta of 2.57. The business has a 50 day simple moving average of $7.16 and a two-hundred day simple moving average of $5.47.

Insiders Place Their Bets

In other news, CEO Paul Voigt purchased 25,000 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was purchased at an average price of $3.98 per share, with a total value of $99,500.00. Following the completion of the purchase, the chief executive officer now directly owns 25,000 shares in the company, valued at approximately $99,500. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 55.20% of the company’s stock.

Hedge Funds Weigh In On INNOVATE

An institutional investor recently raised its position in INNOVATE stock. ARS Investment Partners LLC raised its holdings in shares of INNOVATE Corp. (NYSE:VATE) by 38.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,170 shares of the company’s stock after purchasing an additional 23,500 shares during the period. ARS Investment Partners LLC owned 0.64% of INNOVATE worth $421,000 at the end of the most recent reporting period. 34.28% of the stock is currently 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.