Innovate Corp. (NYSE:VATE) shares surged 42.38% to $10.55 in after-hours trading on Thursday, following the announcement of consolidated second-quarter results, in which the New York-based company posted revenue growth of about 74%.
Revenue and Profitability Both Climb
Innovate reported results for the quarter ended Jun. 30, where quarterly revenue came in at $421.6 million, up from $242.0 million a year earlier.
Diluted EPS came in at $0.71, reversing a $1.67-per-share loss in the prior-year quarter.
Total Adjusted EBITDA more than tripled to $46.3 million from $15.7 million, driven largely by the company’s Infrastructure segment, with Life Sciences also improving year-over-year.
Broadcasting Deal Still Pending
According to Innovate, the company is also pursuing a deal to sell a controlling stake in HC2 Broadcasting Holdings to Colorado-based CONX Corp., a transaction that remains subject to regulatory approval.
Trading Metrics, Technical Analysis
Innovate has a market capitalization of approximately $101.09 million. Its stock has traded between a 52-week high of $21.30 and a 52-week low of $3.75.
VATE has a Relative Strength Index (RSI) of 29.57.
Over the past 12 months, the stock has gained 62.86%.
Price Action: The stock closed the regular session on Thursday at $7.41, down 1.98%, according to Benzinga Pro data.
With a strong Momentum score in the 76th percentile, Benzinga’s Edge Stock Rankings indicate that VATE stock has a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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