Shares of INNOVATE Corp. (NYSE:VATE - Get Free Report) shot up 1% on Wednesday . The company traded as high as $3.97 and last traded at $3.89. 18,894 shares traded hands during trading, a decline of 50% from the average session volume of 37,551 shares. The stock had previously closed at $3.85.
INNOVATE Price Performance
The company has a 50-day simple moving average of $4.67 and a 200-day simple moving average of $5.27. The stock has a market cap of $51.59 million, a PE ratio of -1.09 and a beta of 2.38.
Institutional Trading of INNOVATE
Several hedge funds and other institutional investors have recently made changes to their positions in VATE. Point72 Asia Singapore Pte. Ltd. purchased a new position in INNOVATE in the second quarter valued at about $35,000. Gabelli Funds LLC increased its stake in INNOVATE by 20.9% in the 2nd quarter. Gabelli Funds LLC now owns 289,801 shares of the company's stock valued at $175,000 after purchasing an additional 50,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in INNOVATE by 14.2% during the first quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company's stock worth $1,920,000 after purchasing an additional 341,653 shares during the last quarter. Finally, Teton Advisors Inc. boosted its position in INNOVATE by 28.6% during the first quarter. Teton Advisors Inc. now owns 295,734 shares of the company's stock worth $207,000 after purchasing an additional 65,734 shares in the last quarter. Institutional investors and hedge funds own 34.28% of the company's stock.
About INNOVATE
(
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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.
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