Geode Capital Management LLC Sells 398,600 Shares of INNOVATE Corp. (NYSE:VATE)

Geode Capital Management LLC decreased its stake in shares of INNOVATE Corp. (NYSE:VATE - Free Report) by 76.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 121,712 shares of the company's stock after selling 398,600 shares during the period. Geode Capital Management LLC owned about 0.92% of INNOVATE worth $450,000 at the end of the most recent reporting period.

Separately, 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 acquiring an additional 50,000 shares during the period. 34.28% of the stock is owned by hedge funds and other institutional investors.

INNOVATE Stock Up 1.0 %

VATE traded up $0.05 during trading on Monday, hitting $5.04. The company's stock had a trading volume of 16,153 shares, compared to its average volume of 22,474. INNOVATE Corp. has a one year low of $3.25 and a one year high of $10.80. The firm has a market cap of $66.84 million, a PE ratio of -1.41 and a beta of 2.41. The business's 50 day simple moving average is $5.25 and its 200-day simple moving average is $4.98.

Insiders Place Their Bets

In other news, CEO Paul Voigt acquired 25,000 shares of the firm's stock in a transaction dated Tuesday, November 19th. The shares were purchased at an average cost of $3.98 per share, for a total transaction of $99,500.00. Following the transaction, the chief executive officer now directly owns 25,000 shares of the company's stock, valued at approximately $99,500. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 55.20% 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.