INNOVATE (NYSE:VATE) Stock Price Down 12.8%

INNOVATE Corp. (NYSE:VATE)’s stock price dropped 12.8% during mid-day trading on Thursday . The company traded as low as $0.68 and last traded at $0.69. Approximately 166,119 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 231,360 shares. The stock had previously closed at $0.79.

INNOVATE Stock Performance

The stock has a market cap of $58.68 million, a P/E ratio of -1.23 and a beta of 2.41. The business has a 50 day simple moving average of $0.68 and a 200-day simple moving average of $0.90.

INNOVATE (NYSE:VATE) last issued its quarterly earnings data on Monday, March 4th. The company reported ($0.12) earnings per share (EPS) for the quarter. The company had revenue of $361.00 million during the quarter.

Institutional Trading of INNOVATE

Institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in shares of INNOVATE during the 3rd quarter valued at about $96,000. Vanguard Group Inc. raised its holdings in shares of 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 buying an additional 341,653 shares in the last quarter. Gabelli Funds LLC raised 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 valued at $168,000 after buying an additional 53,301 shares in the last quarter. Teton Advisors Inc. raised its holdings in shares of INNOVATE by 28.6% during the 1st quarter. Teton Advisors Inc. now owns 295,734 shares of the company’s stock valued at $207,000 after buying an additional 65,734 shares in the last quarter. Finally, PFG Investments LLC purchased a new position in shares of INNOVATE during the 1st quarter valued at about $63,000. Hedge funds and other institutional investors own 34.28% of the company’s stock.

About INNOVATE

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.