INNOVATE Corp. (NYSE:VATE) Short Interest Update

INNOVATE Corp. (NYSE:VATE) was the target of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 217,800 shares, a decline of 13.0% from the August 31st total of 250,400 shares. Approximately 4.4% of the shares of the stock are sold short. Based on an average trading volume of 57,600 shares, the short-interest ratio is presently 3.8 days.

INNOVATE Trading Up 1.0 %

NYSE:VATE opened at $3.95 on Friday. The stock’s 50-day moving average is $3.03 and its 200-day moving average is $1.48. INNOVATE has a 1-year low of $3.53 and a 1-year high of $16.90. The stock has a market cap of $51.55 million, a P/E ratio of -7.05 and a beta of 2.47.

INNOVATE (NYSE:VATE) last posted its earnings results on Wednesday, August 7th. The company reported $0.10 earnings per share for the quarter. The business had revenue of $313.10 million for the quarter.

Institutional Trading of INNOVATE

Several institutional investors have recently modified their holdings of VATE. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of INNOVATE in the second quarter worth approximately $35,000. Gabelli Funds LLC raised its holdings in INNOVATE by 20.9% during the 2nd quarter. Gabelli Funds LLC now owns 289,801 shares of the company’s stock worth $175,000 after purchasing an additional 50,000 shares during the last quarter. Vanguard Group Inc. lifted its position 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 worth $1,920,000 after purchasing an additional 341,653 shares during the period. Finally, Teton Advisors Inc. boosted 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 purchasing an additional 65,734 shares during the last quarter. 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.