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

INNOVATE Corp. (NYSE:VATE) 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 were traded during trading, a decline of 50% from the average session volume of 37,551 shares. The stock had previously closed at $3.85.

INNOVATE Price Performance

The stock’s 50 day moving average is $4.67 and its 200-day moving average is $5.27. The company has a market capitalization of $51.59 million, a P/E ratio of -1.09 and a beta of 2.38.

Institutional Trading of INNOVATE

A number of hedge funds have recently made changes to their positions in VATE. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of INNOVATE in the 2nd quarter worth about $35,000. Gabelli Funds LLC increased its stake in 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 purchasing an additional 53,301 shares in the last quarter. Teton Advisors Inc. increased its stake in 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 purchasing an additional 65,734 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in INNOVATE by 14.2% in the first quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock worth $1,920,000 after buying an additional 341,653 shares during the last quarter. 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.