INNOVATE (VATE) to Release Earnings on Wednesday

Posted by on Aug 1st, 2022

INNOVATE (NYSE:VATE – Get Rating) will be releasing its earnings data after the market closes on Wednesday, August 3rd. Persons that are interested in participating in the company’s earnings conference call can do so using this link.

INNOVATE (NYSE:VATE – Get Rating) last issued its earnings results on Wednesday, May 4th. The company reported ($0.18) earnings per share (EPS) for the quarter. INNOVATE had a negative return on equity of 61.21% and a negative net margin of 17.46%. The business had revenue of $412.80 million for the quarter.

INNOVATE Price Performance

Shares of INNOVATE stock opened at $1.80 on Monday. INNOVATE has a 1 year low of $1.54 and a 1 year high of $4.83. The firm’s 50-day moving average is $2.02 and its two-hundred day moving average is $2.97. The stock has a market cap of $141.18 million, a price-to-earnings ratio of -0.54 and a beta of 2.08.

Insider Buying and Selling at INNOVATE

In other INNOVATE news, Director Shelly Lombard sold 35,000 shares of the stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $1.91, for a total transaction of $66,850.00. Following the completion of the sale, the director now directly owns 31,298 shares of the company’s stock, valued at $59,779.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other INNOVATE news, Director Shelly Lombard sold 35,000 shares of the stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $1.91, for a total transaction of $66,850.00. Following the completion of the sale, the director now directly owns 31,298 shares of the company’s stock, valued at $59,779.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Avram A. Glazer purchased 100,242 shares of the firm’s stock in a transaction on Friday, May 6th. The shares were purchased at an average cost of $2.92 per share, with a total value of $292,706.64. Following the completion of the transaction, the director now owns 19,084,196 shares of the company’s stock, valued at approximately $55,725,852.32. The disclosure for this purchase can be found here. Insiders own 41.00% of the company’s stock.

Hedge Funds Weigh In On INNOVATE

Several hedge funds and other institutional investors have recently modified their holdings of VATE. JPMorgan Chase & Co. raised its position in shares of INNOVATE by 22.0% in the 1st quarter. JPMorgan Chase & Co. now owns 22,362 shares of the company’s stock valued at $83,000 after purchasing an additional 4,028 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of INNOVATE in the 1st quarter valued at approximately $1,585,000. Whitefort Capital Management LP raised its position in shares of INNOVATE by 554.3% in the 1st quarter. Whitefort Capital Management LP now owns 1,594,327 shares of the company’s stock valued at $5,883,000 after purchasing an additional 1,350,662 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of INNOVATE by 549.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 653,953 shares of the company’s stock valued at $2,413,000 after purchasing an additional 553,268 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of INNOVATE in the 1st quarter valued at approximately $38,000. 38.81% of the stock is owned by hedge funds and other institutional investors.

About INNOVATE

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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.

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Earnings History for INNOVATE (NYSE:VATE)

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