Innovate Corp (NYSE: VATE) has experienced a decline in its stock price by -10.99 compared to its previous closing price of 0.85. However, the company has seen a gain of 18.56% in its stock price over the last five trading days. GlobeNewsWire reported 2024-04-26 that NEW YORK, April 26, 2024 (GLOBE NEWSWIRE) — INNOVATE Corp. (NYSE: VATE) (“INNOVATE” or the “Company”) announced today that it will release its financial results for the first quarter 2024 on Tuesday, May 7, 2024, after market close. The Company will host an earnings conference call reviewing these results, its operations and strategy on the same day, beginning at 4:30 p.m. ET.
Is It Worth Investing in Innovate Corp (NYSE: VATE) Right Now?
The 36-month beta value for VATE is at 2.22. Analysts have varying views on the stock, with 0 analysts rating it as a “buy,” 0 rating it as “overweight,” 0 as “hold,” and 0 as “sell.”
The public float for VATE is 69.19M, and currently, shorts hold a 6.99% of that float. The average trading volume for VATE on May 07, 2024 was 252.28K shares.
VATE’s Market Performance
VATE’s stock has seen a 18.56% increase for the week, with a 14.11% rise in the past month and a -18.08% fall in the past quarter. The volatility ratio for the week is 12.94%, and the volatility levels for the past 30 days are at 9.47% for Innovate Corp The simple moving average for the past 20 days is 15.53% for VATE’s stock, with a -34.63% simple moving average for the past 200 days.
VATE Trading at 8.73% from the 50-Day Moving Average
After a stumble in the market that brought VATE to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -73.46% of loss for the given period.
Volatility was left at 9.47%, however, over the last 30 days, the volatility rate increased by 12.94%, as shares surge +7.67% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -4.84% lower at present.
During the last 5 trading sessions, VATE rose by +18.56%, which changed the moving average for the period of 200-days by -57.18% in comparison to the 20-day moving average, which settled at $0.6551. In addition, Innovate Corp saw -38.72% in overturn over a single year, with a tendency to cut further losses.
Insider Trading
Reports are indicating that there were more than several insider trading activities at VATE starting from Sena Michael J., who sale 21,471 shares at the price of $0.62 back on Mar 15 ’24. After this action, Sena Michael J. now owns 1,057,347 shares of Innovate Corp, valued at $13,349 using the latest closing price.
Sena Michael J., the CFO and Corporate Secretary of Innovate Corp, sale 11,675 shares at $0.69 during a trade that took place back on Mar 14 ’24, which means that Sena Michael J. is holding 1,078,818 shares at $8,004 based on the most recent closing price.
Stock Fundamentals for VATE
Current profitability levels for the company are sitting at:
- 0.03 for the present operating margin
- 0.15 for the gross margin
The net margin for Innovate Corp stands at -0.02. The total capital return value is set at 0.07.
Based on Innovate Corp (VATE), the company’s capital structure generated 1.26 points at debt to capital in total, while cash flow to debt ratio is standing at 0.04. The debt to equity ratio resting at -4.85. The interest coverage ratio of the stock is 0.61.
Currently, EBITDA for the company is 70.0 million with net debt to EBITDA at 9.02. When we switch over and look at the enterprise to sales, we see a ratio of 0.54. The receivables turnover for the company is 3.57for trailing twelve months and the total asset turnover is 1.36. The liquidity ratio also appears to be rather interesting for investors as it stands at 1.25.
Conclusion
In conclusion, Innovate Corp (VATE) has had a mixed performance lately. Opinion on the stock among analysts is mixed, with some giving it a “buy” rating and others a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
