INNOVATE (NYSE:VATE) Stock Rating Upgraded by Wall Street Zen

INNOVATE (NYSE:VATE) was upgraded by equities researchers at Wall Street Zen to a “buy” rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of INNOVATE in a report on Wednesday, January 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, INNOVATE currently has an average rating of “Sell”.

INNOVATE Trading Up 1.5%

Shares of VATE stock opened at $10.82 on Friday. INNOVATE has a 1 year low of $3.75 and a 1 year high of $13.46. The firm’s 50 day moving average is $8.29 and its 200-day moving average is $6.28. The firm has a market capitalization of $147.54 million, a price-to-earnings ratio of -2.54 and a beta of 2.27.

INNOVATE (NYSE:VATE) last announced its earnings results on Thursday, May 14th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.18) by $0.89. The company had revenue of $364.80 million for the quarter, compared to analyst estimates of $251.70 million.

Institutional Investors Weigh In On INNOVATE

Hedge funds have recently bought and sold shares of the company. ARS Investment Partners LLC raised its holdings in INNOVATE by 121.9% in the fourth quarter. ARS Investment Partners LLC now owns 102,442 shares of the company’s stock worth $463,000 after purchasing an additional 56,276 shares during the period. Jane Street Group LLC acquired a new stake in INNOVATE in the fourth quarter worth $51,000. Gabelli Funds LLC raised its holdings in INNOVATE by 11.2% in the fourth quarter. Gabelli Funds LLC now owns 18,900 shares of the company’s stock worth $85,000 after purchasing an additional 1,900 shares during the period. Citadel Advisors LLC raised its holdings 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 purchasing an additional 14,163 shares during the period. Finally, 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 worth $93,000 after acquiring an additional 2,236 shares during the period. 34.28% of the stock is currently owned by institutional investors and hedge funds.

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.