INNOVATE (NYSE:VATE) Shares Up 0.3% – Still a Buy?

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

INNOVATE Trading Up 0.3 %

The stock’s fifty day simple moving average is $9.89 and its 200 day simple moving average is $6.70. The company has a market cap of $109.07 million, a price-to-earnings ratio of -2.30 and a beta of 2.82.

Institutional Investors Weigh In On INNOVATE

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. ARS Investment Partners LLC boosted its stake in INNOVATE by 38.1% during the fourth 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 last quarter. Northern Trust Corp grew its holdings in shares of INNOVATE by 75.5% in the fourth quarter. Northern Trust Corp now owns 19,619 shares of the company’s stock valued at $97,000 after purchasing an additional 8,440 shares during the period. Bridgeway Capital Management LLC grew its stake in shares of INNOVATE by 119.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 45,000 shares of the company’s stock valued at $222,000 after buying an additional 24,500 shares during the period. Cantor Fitzgerald L. P. purchased a new stake in INNOVATE in the fourth quarter valued at $246,000. Finally, Aristeia Capital L.L.C. acquired a new position in shares of INNOVATE in the 4th quarter valued at $67,000. 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.