The stock price of Innovate Corp (NYSE: VATE) has plunged by -16.55 when compared to previous closing price of 5.92, but the company has seen a -21.59% decline in its stock price over the last five trading sessions. globenewswire.com reported 2024-10-16 that NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) — INNOVATE Corp. (NYSE: VATE) (“INNOVATE” or the “Company”) announced today that it will release its financial results for the third quarter 2024 on Wednesday, November 6, 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?
Moreover, the 36-month beta value for VATE is 2.09. Analysts have varying opinions on the stock, 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 4.74M and currently, short sellers hold a 6.01% of that float. On November 05, 2024, VATE’s average trading volume was 58.24K shares.
VATE’s Market Performance
VATE stock saw an increase of -21.59% in the past week, with a monthly gain of 42.36% and a quarterly increase of -18.80%. The volatility ratio for the week is 8.75%, and the volatility levels for the last 30 days are 9.18% for Innovate Corp (VATE). The simple moving average for the past 20 days is -13.17% for VATE’s stock, with a -21.90% simple moving average for the past 200 days.
VATE Trading at 7.75% 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 -66.16% of loss for the given period.
Volatility was left at 9.18%, however, over the last 30 days, the volatility rate increased by 8.75%, as shares surge +35.34% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +13.82% upper at present.
During the last 5 trading sessions, VATE fell by -21.59%, which changed the moving average for the period of 200-days by -53.40% in comparison to the 20-day moving average, which settled at $5.69. In addition, Innovate Corp saw -59.84% 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 0.53. 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 wrap up, the performance of Innovate Corp (VATE) has been bad in recent times. The stock has received a mixed of “buy” and “hold” ratings from analysts. 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.
