INNOVATE (NYSE:VATE) Shares Down 4.3% – Here’s What Happened

INNOVATE Corp. (NYSE:VATE) traded down 4.3% during mid-day trading on Friday. The company traded as low as $5.46 and last traded at $5.55. Approximately 132,471 shares changed hands during mid-day trading, an increase of 119% from the average session volume of 60,403 shares. The stock had previously closed at $5.80.

Analysts Set New Price Targets

VATE has been the topic of several analyst reports. Wall Street Zen lowered shares of INNOVATE from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of INNOVATE in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock presently has an average rating of “Sell”.

INNOVATE Stock Performance

The company has a market cap of $75.70 million, a P/E ratio of -2.97 and a beta of 2.43. The firm has a 50 day moving average price of $7.01 and a 200-day moving average price of $8.87.

INNOVATE (NYSE:VATE) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of ($2.18) by $2.89. The company had revenue of $421.60 million during the quarter, compared to the consensus estimate of $251.70 million.

Hedge Funds Weigh In On INNOVATE

A hedge fund recently bought a new stake in INNOVATE stock. Bank of New York Mellon Corp bought a new position in INNOVATE Corp. (NYSE:VATE) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 14,664 shares of the company’s stock, valued at approximately $274,000. Bank of New York Mellon Corp owned 0.11% of INNOVATE at the end of the most recent reporting period. 34.28% of the stock is currently owned by hedge funds and other institutional investors.

About INNOVATE

INNOVATE Corp. (NYSE: VATE) is a diversified holding company focused primarily on infrastructure and life sciences businesses. Through its subsidiaries, the company operates businesses involved in structural steel fabrication, industrial construction, engineering and related infrastructure services, as well as the development and commercialization of medical technologies.

Its infrastructure operations are centered on DBM Global, a provider of structural steel and related services for commercial, industrial, institutional and infrastructure projects.