INNOVATE Corp. (NYSE:VATE – Get Rating)'s share price rose 7.3% during trading on Wednesday . The stock traded as high as $3.01 and last traded at $2.94. Approximately 1,098,435 shares changed hands during mid-day trading, an increase of 84% from the average daily volume of 595,496 shares. The stock had previously closed at $2.74.
INNOVATE Stock Up 7.3 %
The firm has a market capitalization of $230.37 million, a price-to-earnings ratio of -5.65 and a beta of 2.04. The company has a fifty day moving average price of $1.74 and a two-hundred day moving average price of $1.43.
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INNOVATE (NYSE:VATE – Get Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.09) earnings per share for the quarter. The company had revenue of $423.00 million during the quarter.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of VATE. Whitefort Capital Management LP increased its position in shares of INNOVATE by 554.3% in the first quarter. Whitefort Capital Management LP now owns 1,594,327 shares of the company's stock valued at $5,883,000 after buying an additional 1,350,662 shares in the last quarter. ARS Investment Partners LLC increased its position in shares of INNOVATE by 71.0% in the fourth quarter. ARS Investment Partners LLC now owns 2,013,159 shares of the company's stock valued at $3,765,000 after buying an additional 835,988 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of INNOVATE by 549.5% in the first quarter. Goldman Sachs Group Inc. now owns 653,953 shares of the company's stock valued at $2,413,000 after buying an additional 553,268 shares in the last quarter. B. Riley Financial Inc. increased its position in shares of INNOVATE by 16.2% in the second quarter. B. Riley Financial Inc. now owns 3,825,358 shares of the company's stock valued at $6,618,000 after buying an additional 534,375 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of INNOVATE in the first quarter valued at $1,585,000. Hedge funds and other institutional investors own 32.87% of the company's stock.
About INNOVATE
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INNOVATE Corp. engages in the acquisition and investment of assets. It operates through the following segments: Infrastructure, Clean Energy, Telecommunications, Insurance, Life Sciences, Spectrum, and Other. The Infrastructure segment models, details, fabricates, and erects structural steel for commercial and industrial construction projects.
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