Short Interest in INNOVATE Corp. (NYSE:VATE) Drops By 13.0%

INNOVATE Corp. (NYSE:VATE) was the target of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 217,800 shares, a decline of 13.0% from the August 31st total of 250,400 shares. Based on an average daily trading volume, of 57,600 shares, the days-to-cover ratio is currently 3.8 days. Approximately 4.4% of the shares of the company are short sold.

INNOVATE Stock Up 1.0 %

Shares of VATE opened at $3.95 on Monday. The stock’s 50-day moving average price is $3.03 and its 200-day moving average price is $1.49. The company has a market capitalization of $336.51 million, a price-to-earnings ratio of -7.05 and a beta of 2.47. INNOVATE has a 52 week low of $3.53 and a 52 week high of $16.90.

INNOVATE (NYSE:VATE) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.10 EPS for the quarter. The company had revenue of $313.10 million during the quarter.

Institutional Trading of INNOVATE

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of INNOVATE during the 2nd quarter worth about $35,000. Gabelli Funds LLC boosted its position in INNOVATE by 28.6% during the first quarter. Gabelli Funds LLC now owns 239,801 shares of the company’s stock worth $168,000 after purchasing an additional 53,301 shares in the last quarter. Teton Advisors Inc. grew its holdings in INNOVATE by 28.6% in the first quarter. Teton Advisors Inc. now owns 295,734 shares of the company’s stock valued at $207,000 after purchasing an additional 65,734 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of INNOVATE by 14.2% in the first 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. 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.