Short Interest in INNOVATE Corp. (NYSE:VATE) Increases By 16.5%

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

Insiders Place Their Bets

In other INNOVATE news, CEO Paul Voigt purchased 25,000 shares of INNOVATE stock in a transaction on Tuesday, November 19th. The shares were purchased at an average cost of $3.98 per share, with a total value of $99,500.00. Following the completion of the transaction, the chief executive officer now directly owns 25,000 shares in the company, valued at approximately $99,500. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 55.20% of the company’s stock.

Institutional Trading of INNOVATE

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of INNOVATE by 14.2% in the 1st quarter. Vanguard Group Inc. now owns 2,740,357 shares of the company’s stock worth $1,920,000 after buying an additional 341,653 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in INNOVATE during the 2nd quarter valued at about $35,000. Finally, Gabelli Funds LLC grew its position in INNOVATE by 20.9% in the 2nd quarter. Gabelli Funds LLC now owns 289,801 shares of the company’s stock worth $175,000 after purchasing an additional 50,000 shares during the last quarter. Institutional investors own 34.28% of the company’s stock.

INNOVATE Stock Performance

Shares of NYSE:VATE traded down $0.15 during trading on Tuesday, hitting $5.56. The company’s stock had a trading volume of 2,259 shares, compared to its average volume of 38,531. INNOVATE has a fifty-two week low of $3.25 and a fifty-two week high of $13.00. The stock’s 50-day moving average price is $5.38 and its two-hundred day moving average price is $5.10. The company has a market capitalization of $73.73 million, a PE ratio of -1.59 and a beta of 2.37.

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.