INNOVATE (NYSE:VATE) Upgraded by Wall Street Zen to “Strong-Buy” Rating

by · The Markets Daily

Wall Street Zen upgraded shares of INNOVATE (NYSE:VATE – Free Report) from a buy rating to a strong-buy rating in a report released on Saturday.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of INNOVATE in a research report on Monday, May 18th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

View Our Latest Analysis on VATE

INNOVATE Stock Performance

NYSE:VATE opened at $7.87 on Friday. The firm has a 50-day simple moving average of $12.52 and a 200-day simple moving average of $9.86. INNOVATE has a one year low of $3.75 and a one year high of $21.30. The firm has a market cap of $107.28 million, a P/E ratio of -4.21 and a beta of 2.35.

INNOVATE (NYSE:VATE – Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of ($2.18) by $2.89. The company had revenue of $421.60 million for the quarter, compared to analysts’ expectations of $251.70 million.

Institutional Investors Weigh In On INNOVATE

A number of institutional investors and hedge funds have recently modified their holdings of VATE. Squarepoint Ops LLC acquired a new stake in INNOVATE during the 3rd quarter valued at approximately $58,000. Bank of America Corp DE increased its stake in shares of INNOVATE by 13.4% in the third quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock worth $93,000 after acquiring an additional 2,236 shares during the period. Citadel Advisors LLC increased its stake in shares of INNOVATE by 60.2% in the third quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock worth $184,000 after acquiring an additional 14,163 shares during the period. ARS Investment Partners LLC raised its holdings in shares of INNOVATE by 121.9% during the fourth quarter. ARS Investment Partners LLC now owns 102,442 shares of the company’s stock worth $463,000 after purchasing an additional 56,276 shares during the last quarter. Finally, Gabelli Funds LLC raised its holdings in shares of INNOVATE by 11.2% during the fourth quarter. Gabelli Funds LLC now owns 18,900 shares of the company’s stock worth $85,000 after purchasing an additional 1,900 shares during the last quarter. Institutional investors and hedge funds own 34.28% of the company’s stock.

About INNOVATE

(Get Free Report)

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.

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