INNOVATE (NYSE:VATE) Shares Up 1% – Here’s What Happened

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

INNOVATE Trading Up 24.3 %

The firm has a market capitalization of $79.43 million, a P/E ratio of -1.73 and a beta of 2.38. The business’s 50 day simple moving average is $4.69 and its two-hundred day simple moving average is $5.26.

Insider Activity

In other INNOVATE news, CEO Paul Voigt bought 25,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was purchased at an average cost of $3.98 per share, for a total transaction of $99,500.00. Following the completion of the purchase, the chief executive officer now directly owns 25,000 shares of the company’s stock, valued at approximately $99,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 55.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On INNOVATE

A number of hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of INNOVATE in the 2nd quarter valued at $35,000. Gabelli Funds LLC boosted its holdings in shares of INNOVATE by 28.6% during the 1st quarter. Gabelli Funds LLC now owns 239,801 shares of the company’s stock worth $168,000 after buying an additional 53,301 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of INNOVATE by 14.2% in 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 in the last quarter. 34.28% of the stock is currently 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.