INNOVATE Corp. (NYSE:VATE) Sees Significant Decline in Short Interest

INNOVATE Corp. (NYSE:VATE) saw a significant drop in short interest in September. As of September 15th, there was short interest totalling 217,800 shares, a drop of 13.0% from the August 31st total of 250,400 shares. Based on an average trading volume of 57,600 shares, the short-interest ratio is currently 3.8 days. Approximately 4.4% of the company’s stock are short sold.

INNOVATE Price Performance

Shares of VATE stock opened at $3.95 on Friday. INNOVATE has a 1-year low of $3.53 and a 1-year high of $16.90. The firm has a fifty day moving average of $3.03 and a two-hundred day moving average of $1.48. The firm has a market cap of $51.55 million, a P/E ratio of -7.05 and a beta of 2.47.

INNOVATE (NYSE:VATE) last released its earnings results on Wednesday, August 7th. The company reported $0.10 earnings per share for the quarter. The business had revenue of $313.10 million for the quarter.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in INNOVATE by 14.2% during the first quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock valued at $1,920,000 after buying an additional 341,653 shares in the last quarter. Teton Advisors Inc. raised its holdings in INNOVATE by 28.6% in the 1st quarter. Teton Advisors Inc. now owns 295,734 shares of the company’s stock valued at $207,000 after acquiring an additional 65,734 shares in the last quarter. Gabelli Funds LLC raised its position in INNOVATE by 20.9% in the second quarter. Gabelli Funds LLC now owns 289,801 shares of the company’s stock worth $175,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of INNOVATE during the 2nd quarter worth about $35,000. Institutional investors and hedge funds own 34.28% of the company’s stock.

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.