Steel Connect, Inc. (NASDAQ:STCN) Sees Significant Decrease in Short Interest

Steel Connect, Inc. (NASDAQ:STCN) was the recipient of a large decline in short interest in July. As of July 15th, there was short interest totalling 29,000 shares, a decline of 27.1% from the June 30th total of 39,800 shares. Currently, 0.1% of the company’s stock are sold short. Based on an average daily volume of 17,800 shares, the short-interest ratio is currently 1.6 days.

Insiders Place Their Bets

In related news, Director Steel Partners Holdings L.P. bought 7,434 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average price of $11.26 per share, with a total value of $83,706.84. Following the completion of the transaction, the director now directly owns 1,087,180 shares in the company, valued at $12,241,646.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders purchased 22,976 shares of company stock valued at $263,498. Corporate insiders own 8.70% of the company’s stock.

Institutional Investors Weigh In On Steel Connect

Several large investors have recently modified their holdings of the stock. Steel Partners Holdings L.P. raised its stake in shares of Steel Connect by 51.7% in the second quarter. Steel Partners Holdings L.P. now owns 3,061,313 shares of the technology company’s stock valued at $39,307,000 after buying an additional 1,043,624 shares during the period. Gabelli Funds LLC raised its stake in Steel Connect by 1.4% in the 1st quarter. Gabelli Funds LLC now owns 332,775 shares of the technology company’s stock valued at $3,158,000 after acquiring an additional 4,719 shares during the period. Wealthspire Advisors LLC purchased a new stake in Steel Connect during the first quarter valued at about $2,991,000. Finally, Gamco Investors INC. ET AL boosted its position in Steel Connect by 0.6% during the first quarter. Gamco Investors INC. ET AL now owns 159,057 shares of the technology company’s stock worth $1,509,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 47.28% of the company’s stock.

Steel Connect Stock Performance

NASDAQ:STCN traded up $0.04 on Monday, hitting $12.85. The stock had a trading volume of 34,911 shares, compared to its average volume of 11,951. Steel Connect has a 1 year low of $7.36 and a 1 year high of $13.00. The firm’s fifty day simple moving average is $12.23 and its two-hundred day simple moving average is $10.69. The stock has a market cap of $81.02 million, a P/E ratio of 4.11 and a beta of 0.20.

Steel Connect (NASDAQ:STCN) last announced its quarterly earnings data on Thursday, June 6th. The technology company reported $0.01 earnings per share (EPS) for the quarter. The firm had revenue of $43.86 million during the quarter. Steel Connect had a return on equity of 19.76% and a net margin of 53.00%.

About Steel Connect

Steel Connect, Inc, together with its subsidiaries, provides supply chain services in the United States, Mainland China, Netherlands, and internationally. It offers product configuration and packaging, kitting, and assembly of components and parts into finished goods; and value-added processes, such as product testing, radio frequency identification tagging, product or service activation, language settings, personalization and engraving, multi-channel packaging, and packaging design services.