The stock price of Innovate Corp (NYSE: VATE) has dropped by -6.92 compared to previous close of 4.19. Despite this, the company has seen a gain of 2.90% in its stock price over the last five trading days. globenewswire.com reported 2024-09-03 that NEW YORK, Sept. 03, 2024 (GLOBE NEWSWIRE) — INNOVATE Corp. (NYSE: VATE) (“INNOVATE” or the “Company”) announced today that it has received a letter from the New York Stock Exchange (“NYSE”) dated August 27, 2024 (the “Compliance Notice”), notifying the Company that it is no longer considered below the NYSE’s continued listing criterion of a minimum average share price of US $1.00 over a 30 trading-day period (the “NYSE Minimum Price Requirement”).
Is It Worth Investing in Innovate Corp (NYSE: VATE) Right Now?
The stock has a 36-month beta value of 2.16. Opinions on the stock are mixed, with 0 analysts rating it as a “buy,” 0 as “overweight,” 0 as “hold,” and 0 as “sell.”
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The public float for VATE is 4.95M, and at present, short sellers hold a 5.06% of that float. On September 19, 2024, the average trading volume of VATE was 49.56K shares.
VATE’s Market Performance
VATE’s stock has seen a 2.90% increase for the week, with a -14.47% drop in the past month and a -30.23% fall in the past quarter. The volatility ratio for the week is 4.68%, and the volatility levels for the past 30 days are at 5.70% for Innovate Corp The simple moving average for the past 20 days is -2.77% for VATE’s stock, with a -47.27% simple moving average for the past 200 days.
VATE Trading at -21.96% 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 -77.46% of loss for the given period.
Volatility was left at 5.70%, however, over the last 30 days, the volatility rate increased by 4.68%, as shares sank -13.33% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -37.90% lower at present.
During the last 5 trading sessions, VATE rose by +2.90%, which changed the moving average for the period of 200-days by -63.21% in comparison to the 20-day moving average, which settled at $3.98. In addition, Innovate Corp saw -68.29% 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 Voigt Paul, who purchase 43,785 shares at the price of $3.80 back on Sep 12 ’24. After this action, Voigt Paul now owns 211,655 shares of Innovate Corp, valued at $166,383 using the latest closing price.
Voigt Paul, the Interim CEO of Innovate Corp, purchase 176 shares at $0.60 during a trade that took place back on Jun 14 ’24, which means that Voigt Paul is holding 1,678,695 shares at $106 based on the most recent closing price.
Stock Fundamentals for VATE
Current profitability levels for the company are sitting at:
- 0.04 for the present operating margin
- 0.16 for the gross margin
The net margin for Innovate Corp stands at -0.01. The total capital return value is set at 0.08.
Based on Innovate Corp (VATE), the company’s capital structure generated 1.23 points at debt to capital in total, while cash flow to debt ratio is standing at 0.12. The debt to equity ratio resting at -5.27. The interest coverage ratio of the stock is 0.74.
Currently, EBITDA for the company is 70.0 million with net debt to EBITDA at 7.91. When we switch over and look at the enterprise to sales, we see a ratio of 0.52. The receivables turnover for the company is 4.83for trailing twelve months and the total asset turnover is 1.52. The liquidity ratio also appears to be rather interesting for investors as it stands at 1.37.
Conclusion
To sum up, Innovate Corp (VATE) has seen a bad performance recently. Analysts have differing views on the stock, with some seeing it as a “buy” and others as 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.
