INNOVATE (NYSE:VATE) Shares Up 1% – Here’s What Happened

INNOVATE Corp. (NYSE:VATE)’s share price shot up 1% during trading on Wednesday . The company traded as high as $3.97 and last traded at $3.89. 18,894 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 37,551 shares. The stock had previously closed at $3.85.

INNOVATE Stock Performance

The business has a 50 day moving average of $4.69 and a two-hundred day moving average of $5.26. The firm has a market capitalization of $79.43 million, a price-to-earnings ratio of -1.73 and a beta of 2.38.

Insiders Place Their Bets

In other INNOVATE news, CEO Paul Voigt acquired 25,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were acquired at an average price of $3.98 per share, with a total value of $99,500.00. Following the completion of the transaction, the chief executive officer now owns 25,000 shares in the company, valued at approximately $99,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 55.20% of the company’s stock.

Hedge Funds Weigh In On INNOVATE

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Gabelli Funds LLC raised its stake in shares of INNOVATE by 20.9% in the second quarter. Gabelli Funds LLC now owns 289,801 shares of the company’s stock valued at $175,000 after buying an additional 50,000 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in INNOVATE during the second quarter worth about $35,000. Finally, Vanguard Group Inc. lifted its stake in shares of INNOVATE by 14.2% during the 1st quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock valued at $1,920,000 after buying an additional 341,653 shares in the last quarter. 34.28% of the stock is owned by hedge funds and other institutional investors.

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.