INNOVATE (NYSE:VATE – Get Free Report) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday, Wall Street Zen reports.
Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of INNOVATE in a report on Thursday, August 13th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.
Read Our Latest Stock Report on VATE
INNOVATE Stock Performance
INNOVATE (NYSE:VATE – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of ($2.18) by $2.89. The business had revenue of $421.60 million during the quarter, compared to the consensus estimate of $251.70 million.
Institutional Investors Weigh In On INNOVATE
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VATE. Gabelli Funds LLC grew its position in shares of INNOVATE by 11.2% in the 4th quarter. Gabelli Funds LLC now owns 18,900 shares of the company’s stock worth $85,000 after buying an additional 1,900 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of INNOVATE by 13.4% during the third quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock valued at $93,000 after acquiring an additional 2,236 shares in the last quarter. Jane Street Group LLC bought a new position in shares of INNOVATE during the fourth quarter valued at approximately $51,000. Squarepoint Ops LLC purchased a new stake in INNOVATE in the third quarter worth $58,000. Finally, Citadel Advisors LLC lifted its stake in INNOVATE by 60.2% in the third quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock worth $184,000 after acquiring an additional 14,163 shares during the period. 34.28% of the stock is currently owned by institutional investors.
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.
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