INNOVATE Corp. (NYSE:VATE) Sees Large Growth in Short Interest

INNOVATE Corp. (NYSE:VATE) saw a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 316,900 shares, a growth of 16.5% from the November 15th total of 272,100 shares. Approximately 6.6% of the shares of the company are short sold. Based on an average daily trading volume, of 65,700 shares, the days-to-cover ratio is presently 4.8 days.

INNOVATE Stock Down 7.3 %

Shares of NYSE VATE opened at $5.50 on Friday. INNOVATE has a fifty-two week low of $3.25 and a fifty-two week high of $13.10. The firm’s 50-day simple moving average is $5.38 and its 200 day simple moving average is $5.11. The stock has a market cap of $72.94 million, a P/E ratio of -1.54 and a beta of 2.37.

Insider Buying and Selling at INNOVATE

In related news, CEO Paul Voigt acquired 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were acquired at an average cost of $3.98 per share, for a total transaction of $99,500.00. Following the completion of the purchase, the chief executive officer now directly owns 25,000 shares in the company, valued at $99,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 55.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On INNOVATE

Hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of INNOVATE during the second quarter valued at about $35,000. Gabelli Funds LLC raised its stake in shares of INNOVATE by 20.9% during the second quarter. Gabelli Funds LLC now owns 289,801 shares of the company’s stock valued at $175,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of INNOVATE by 14.2% during the first quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock valued at $1,920,000 after purchasing an additional 341,653 shares in the last quarter. 34.28% of the stock is currently owned by institutional investors.

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.