INNOVATE (NYSE:VATE) Downgraded by Wall Street Zen to Buy

Wall Street Zen lowered shares of INNOVATE (NYSE:VATE) from a strong-buy rating to a buy rating in a report released on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of INNOVATE in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, INNOVATE has an average rating of “Sell”.

INNOVATE Price Performance

Shares of NYSE VATE opened at $7.14 on Friday. The stock has a market capitalization of $97.35 million, a price-to-earnings ratio of -3.82 and a beta of 2.33. The business has a 50-day moving average of $8.40 and a 200-day moving average of $10.15. INNOVATE has a fifty-two week low of $3.75 and a fifty-two week high of $21.30.

INNOVATE (NYSE:VATE) last released its earnings results on Thursday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.18) by $2.89. The company had revenue of $421.60 million for the quarter, compared to the consensus estimate of $251.70 million.

Hedge Funds Weigh In On INNOVATE

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp bought a new stake in INNOVATE in the second quarter valued at approximately $274,000. Jane Street Group LLC acquired a new position in shares of INNOVATE during the 4th quarter worth approximately $51,000. Gabelli Funds LLC raised its stake in INNOVATE by 11.2% in the 4th quarter. Gabelli Funds LLC now owns 18,900 shares of the company’s stock valued at $85,000 after acquiring an additional 1,900 shares during the period. ARS Investment Partners LLC lifted its holdings in INNOVATE by 121.9% during the 4th quarter. ARS Investment Partners LLC now owns 102,442 shares of the company’s stock valued at $463,000 after purchasing an additional 56,276 shares during the last quarter. Finally, Citadel Advisors LLC lifted its holdings in INNOVATE by 60.2% during the 3rd quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock valued at $184,000 after purchasing an additional 14,163 shares during the last quarter. Institutional investors own 34.28% of the company’s stock.

About INNOVATE

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.