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

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in INNOVATE in the second quarter worth approximately $35,000. Gabelli Funds LLC lifted its stake in shares of INNOVATE by 28.6% in the 1st quarter. Gabelli Funds LLC now owns 239,801 shares of the company’s stock valued at $168,000 after purchasing an additional 53,301 shares during the last quarter. Teton Advisors Inc. grew its holdings in shares of INNOVATE by 28.6% during the 1st quarter. Teton Advisors Inc. now owns 295,734 shares of the company’s stock worth $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% during the 1st quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock worth $1,920,000 after purchasing an additional 341,653 shares during the last quarter. Hedge funds and other institutional investors own 34.28% of the company’s stock.

INNOVATE Price Performance

VATE opened at $3.95 on Monday. The firm has a market capitalization of $336.51 million, a price-to-earnings ratio of -7.05 and a beta of 2.47. The company’s 50 day simple moving average is $3.03 and its two-hundred day simple moving average is $1.49. INNOVATE has a 1-year low of $3.53 and a 1-year high of $16.90.

INNOVATE (NYSE:VATE) last announced 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 for the quarter.

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.