In yesterday’s Wall Street session, INNOVATE Corp. (NYSE:VATE) shares traded at $2.15, up 14.97% from the previous session.
As of this writing, 1 analysts cover INNOVATE Corp. (NYSE:VATE). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $5.00 and a low of $5.00, we find $5.00. Given the previous closing price of $1.87, this indicates a potential upside of 167.38 percent. VATE stock price is now 89.95% away from the 50-day moving average and 14.51% away from the 200-day moving average. The market capitalization of the company currently stands at $113.48M.
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There are 0 analysts who have given it a hold rating, whereas 1 have given it a buy rating. Brokers who have rated the stock have averaged $5.00 as their price target over the next twelve months.
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In other news, Sena Michael J., Chief Financial Officer bought 5,000 shares of the company’s stock on Nov 15. The stock was bought for $4,845 at an average price of $0.97. Upon completion of the transaction, the Chief Financial Officer now directly owns 661,905 shares in the company, valued at $1.42 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 14, Chief Financial Officer Sena Michael J. bought 10,000 shares of the business’s stock. A total of $9,675 was incurred on buying the stock at an average price of $0.97. This leaves the insider owning 656,905 shares of the company worth $1.41 million. Insiders disposed of 57,091 shares of company stock worth roughly $0.12 million over the past 1 year. A total of 2.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in VATE stock. A new stake in INNOVATE Corp. shares was purchased by FNY INVESTMENT ADVISERS, LLC during the first quarter worth $473,000. GROUP ONE TRADING, L.P. invested $190,000 in shares of VATE during the first quarter. In the first quarter, VIRTU FINANCIAL LLC acquired a new stake in INNOVATE Corp. valued at approximately $70,000. Y-INTERCEPT (HONG KONG) LTD acquired a new stake in VATE for approximately $46,000. TWO SIGMA INVESTMENTS, LP purchased a new stake in VATE valued at around $44,000 in the second quarter. In total, there are 87 active investors with 32.90% ownership of the company’s stock.
Tuesday morning saw INNOVATE Corp. (NYSE: VATE) opened at $1.9600. During the past 12 months, INNOVATE Corp. has had a low of $0.64 and a high of $4.24. The fifty day moving average price for VATE is $1.1318 and a two-hundred day moving average price translates $1.8775 for the stock.
The latest earnings results from INNOVATE Corp. (NYSE: VATE) was released for Jun, 2022. According to the Engineering & Construction Company, earnings per share came in at -$0.38, missing analysts’ expectations of -$0.35 by -0.03. This compares to -$2.59 EPS in the same period last year. The net profit margin was -2.40% and return on equity was 38.10% for VATE. The company reported revenue of $423.0 million for the quarter, compared to $394.8 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 7.14 percent. For the current quarter, analysts expect VATE to generate $248.1M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 01/23/2017. Investors who held shares on 01/09/2017 were paid a $2.59 dividend.
INNOVATE Corp.(VATE) Company Profile
INNOVATE Corp., through its subsidiaries, operates in infrastructure, life sciences, and spectrum areas in the United States. It provides industrial construction, structural steel, and facility maintenance services for use in 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. The company also fabricates trusses and girders; and fabricates and erects water pipe, water storage tanks, tunnel liners, pressure vessels, strainers, filters, separators, and other customized products. In addition, it offers integrated solutions for digital engineering, modeling and detailing, construction, heavy equipment installation, and facility services; and steel and rebar detailing, and BIM modeling and management services, as well as equipment used in the oil, gas, petrochemical, and pipeline industries. Further, the company develops products for early osteoarthritis of the knee, and aesthetic and medical technologies for the skin. Additionally, it operates over-the-air broadcasting stations and Azteca America, a Spanish-language broadcast network. The company was formerly known as HC2 Holdings, Inc. and changed its name to INNOVATE Corp. in September 2021. The company was incorporated in 1994 and is headquartered in New York, New York.
