INNOVATE (NYSE:VATE) Trading 0.3% Higher - Still a Buy?

INNOVATE Corp. (NYSE:VATE - Get Free Report) traded up 0.3% during trading on Thursday . The company traded as high as $8.45 and last traded at $8.23. 20,718 shares changed hands during trading, a decline of 89% from the average session volume of 191,055 shares. The stock had previously closed at $8.20.

INNOVATE Stock Down 4.3 %

The company's 50-day moving average is $10.01 and its two-hundred day moving average is $6.80. The company has a market cap of $103.56 million, a P/E ratio of -2.18 and a beta of 2.82.

INNOVATE (NYSE:VATE - Get Free Report) last released its earnings results on Monday, March 31st. The company reported ($1.29) earnings per share for the quarter.

Hedge Funds Weigh In On INNOVATE

Several institutional investors and hedge funds have recently bought and sold shares of the company. Aristeia Capital L.L.C. purchased a new position in shares of INNOVATE during the 4th quarter valued at $67,000. MSH Capital Advisors LLC purchased a new stake in INNOVATE in the 4th quarter worth about $73,000. Northern Trust Corp raised its stake 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 acquiring an additional 8,440 shares during the period. Bridgeway Capital Management LLC lifted its holdings in INNOVATE by 119.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 45,000 shares of the company's stock valued at $222,000 after purchasing an additional 24,500 shares during the last quarter. Finally, Cantor Fitzgerald L. P. bought a new position in INNOVATE during the fourth quarter worth about $246,000. 34.28% of the stock is owned by institutional investors.

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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.