Is Buying Stock In INNOVATE Corp. (VATE) A Good Move Today?

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INNOVATE Corp. (NYSE:VATE) saw an upside of 5.11% to $2.88 after adding $0.14 on Wednesday. The 5-day average trading volume is 387,869 shares of the company’s common stock. It has gained $3.00 in the past week and touched a new high 5 times within the past 5 days. An average of 912,212 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 571,651.

VATE’s 1-month performance is 94.33% or $1.49 on its low of $1.26 reached on 12/29/22. The company’s shares have touched a 52-week low of $0.64 and high of $4.01, with the stock’s rally to the 52-week high happening on 01/25/23. YTD, VATE has achieved 46.52% or $1.04 and has reached a new high 10 times. However, the current price is down -28.18% from the 52-week high price.


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Insider Transactions

VATE stock investors last saw insider trading activity on Nov 15.Lombard Shelly (Director) most recently sold 35,000 shares at $1.91 per share on Jun 15. This transaction cost the insider $66,850. Chief Operating Officer, Herbst Suzi R, sold 5,184 shares at a price of $3.76 on Apr 20. Then, on Mar 16, Chief Operating Officer Herbst Suzi R sold 8,081 shares at a price of $3.57 per share. This transaction amounted to $28,857.

Valuation Metrics

VATE stock has a beta of 2.10. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 0.13.

INNOVATE Corp.’s quick ratio for the period ended September 29 was 1.10, with the current ratio over the same period at 1.10. In terms of profitability, the gross margin trailing 12 months is 13.60%. The firm’s gross profit as reported stood at $183.7 million against revenue of $1.21 billion.

Earnings Surprise

For the quarterly period ending September 29 this year, Net income and sales went up compared to those figures reported in the previous quarter. Net income shrunk -3127.27% to -$6.6 million, while revenue of -$13.6 million was -106.06% off the previous quarter. Analysts expected VATE to announce -$0.35 per share in earnings in its latest quarter, but it posted -$0.38, representing a -8.60% surprise. EBITDA for the quarter stood at more than $18.3 million. VATE stock balance sheet for the quarter ending September 29 shows that total liabilities totaled 1.26 billion, with total debt at $779.8 million. Shareholders hold equity totaling $78.36 million.

Let’s look briefly at INNOVATE Corp. (VATE) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 24 January was 79.91% to suggest the stock is trending Overbought, with historical volatility in this time period at 48.36%.

The stock’s 5-day moving average is $2.67, reflecting a +14.57% or $0.37 change from its current price. VATE is currently trading +104.93% above its 20-day SMA, +90.20% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +261.76% and SMA200 by-20.92%.

Stochastic %K and %D was 88.45% and 90.38% and the average true range (ATR) pointed at 0.19. The RSI (14) points at 77.39%, while the 14-day stochastic is at 89.90% with the period’s ATR at 0.18. The stock’s 9-day MACD Oscillator is pointing at 0.15 and 0.24 on the 14-day charts.

Analyst Ratings

Analysts offering their rating for VATE stock have a consensus rating for the stock as Buy. Currently, 0 brokerage advisors rate VATE as a “sell,”, while 0 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 0 rates the stock as overweight while 1 have offered a “buy” rating.

What is VATE’s price target for the next 12 months?

Analysts have a consensus price target ranging from a low of $5.00 and a high of $5.00, with their median price target at $5.00. Looking at these predictions, the average price target given by analysts is for INNOVATE Corp. (VATE) stock is $5.00.

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