ARS Investment Partners LLC Boosts Stake in INNOVATE Corp. $VATE

ARS Investment Partners LLC boosted its stake in INNOVATE Corp. (NYSE:VATE) by 121.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 102,442 shares of the company’s stock after buying an additional 56,276 shares during the quarter. ARS Investment Partners LLC’s holdings in INNOVATE were worth $463,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Citadel Advisors LLC lifted its stake in INNOVATE by 60.2% in the 3rd quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock valued at $184,000 after buying an additional 14,163 shares in the last quarter. Bank of America Corp DE lifted its stake in INNOVATE by 13.4% in the 3rd quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock valued at $93,000 after buying an additional 2,236 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in INNOVATE in the 3rd quarter valued at approximately $58,000. Hedge funds and other institutional investors own 34.28% of the company’s stock.

INNOVATE Stock Performance

Shares of VATE opened at $10.82 on Friday. The stock has a fifty day moving average of $8.29 and a two-hundred day moving average of $6.27. The company has a market capitalization of $147.52 million, a PE ratio of -2.54 and a beta of 2.27. INNOVATE Corp. has a fifty-two week low of $3.75 and a fifty-two week high of $13.46.

INNOVATE (NYSE:VATE) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($1.29) earnings per share for the quarter, beating the consensus estimate of ($2.18) by $0.89. The business had revenue of $364.80 million during the quarter, compared to analyst estimates of $251.70 million.

Analyst Upgrades and Downgrades

VATE has been the topic of a number of recent research reports. Wall Street Zen raised INNOVATE to a “buy” rating in a research note on Saturday. Weiss Ratings reiterated a “sell (e+)” rating on shares of INNOVATE in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, INNOVATE currently has a consensus rating of “Sell”.

INNOVATE 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.