INNOVATE (NYSE:VATE) Stock Price Down 0.3% - Here's Why

Shares of INNOVATE Corp. (NYSE:VATE - Get Free Report) traded down 0.3% during mid-day trading on Tuesday . The stock traded as low as $12.01 and last traded at $12.66. 56,521 shares were traded during mid-day trading, a decline of 96% from the average session volume of 1,359,056 shares. The stock had previously closed at $12.69.

INNOVATE Price Performance

The stock's fifty day moving average is $7.71 and its 200-day moving average is $5.67. The stock has a market capitalization of $170.46 million, a P/E ratio of -3.59 and a beta of 2.57.

Insider Activity

In other news, CEO Paul Voigt acquired 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, November 19th. The stock was acquired at an average cost of $3.98 per share, with a total value of $99,500.00. Following the acquisition, the chief executive officer now owns 25,000 shares in the company, valued at approximately $99,500. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 55.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. MSH Capital Advisors LLC bought a new position in shares of INNOVATE in the fourth quarter worth about $73,000. Northern Trust Corp grew its holdings in INNOVATE by 75.5% in the 4th quarter. Northern Trust Corp now owns 19,619 shares of the company's stock valued at $97,000 after buying an additional 8,440 shares during the last quarter. ARS Investment Partners LLC increased its position in INNOVATE by 38.1% in the 4th quarter. ARS Investment Partners LLC now owns 85,170 shares of the company's stock worth $421,000 after buying an additional 23,500 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of INNOVATE by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 123,674 shares of the company's stock worth $611,000 after buying an additional 1,962 shares during the last quarter. 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.