INNOVATE (NYSE:VATE) Stock Price Up 9.2% – Time to Buy?

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

INNOVATE Stock Performance

The stock has a market cap of $532.45 million, a price-to-earnings ratio of -10.41 and a beta of 2.46. The company’s 50 day simple moving average is $4.01 and its 200 day simple moving average is $5.50.

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

Institutional Investors Weigh In On INNOVATE

Several large investors have recently modified their holdings of VATE. Vanguard Group Inc. increased its stake in INNOVATE by 14.2% in the 1st quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock worth $1,920,000 after purchasing an additional 341,653 shares in the last quarter. Teton Advisors Inc. lifted its position 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 in the last quarter. Gabelli Funds LLC lifted its position 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 in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of INNOVATE in the second quarter worth $35,000. 34.28% of the stock is owned by institutional investors.

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.