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

INNOVATE (NYSE:VATE) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Saturday.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of INNOVATE in a research report on Monday, May 18th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

INNOVATE Trading Down 1.2%

VATE stock opened at $7.87 on Friday. The firm’s 50-day moving average price is $12.52 and its two-hundred day moving average price is $9.89. INNOVATE has a 12-month low of $3.75 and a 12-month high of $21.30. The stock has a market capitalization of $107.28 million, a price-to-earnings ratio of -4.21 and a beta of 2.35.

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

Institutional Investors Weigh In On INNOVATE

Hedge funds have recently made changes to their positions in the company. ARS Investment Partners LLC grew its stake 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. Citadel Advisors LLC lifted its position in INNOVATE by 60.2% during the third quarter. Citadel Advisors LLC now owns 37,694 shares of the company’s stock valued at $184,000 after buying an additional 14,163 shares during the period. Bank of New York Mellon Corp purchased a new position in INNOVATE during the second quarter valued at $274,000. Jane Street Group LLC purchased a new position in INNOVATE during the fourth quarter valued at $51,000. Finally, Bank of America Corp DE boosted its holdings in shares of INNOVATE by 13.4% during the 3rd quarter. Bank of America Corp DE now owns 18,962 shares of the company’s stock valued at $93,000 after buying an additional 2,236 shares in the last quarter. 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.