Insider Buying: Steel Connect, Inc. (NASDAQ:STCN) Director Buys $5,276,076.00 in Stock

Steel Connect, Inc. (NASDAQ:STCN) Director Steel Partners Holdings L.P. bought 439,673 shares of the company’s stock in a transaction on Sunday, September 1st. The stock was bought at an average cost of $12.00 per share, with a total value of $5,276,076.00. Following the completion of the purchase, the director now owns 1,552,839 shares of the company’s stock, valued at approximately $18,634,068. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Steel Partners Holdings L.P. also recently made the following trade(s):

• On Friday, June 21st, Steel Partners Holdings L.P. bought 311 shares of Steel Connect stock. The stock was bought at an average cost of $12.00 per share, with a total value of $3,732.00.
• On Wednesday, June 12th, Steel Partners Holdings L.P. bought 13,908 shares of Steel Connect stock. The stock was bought at an average cost of $11.66 per share, with a total value of $162,167.28.
• On Monday, June 10th, Steel Partners Holdings L.P. bought 7,434 shares of Steel Connect stock. The stock was bought at an average cost of $11.26 per share, with a total value of $83,706.84.

Steel Connect Trading Up 4.9 %

Shares of NASDAQ STCN opened at $11.54 on Friday. Steel Connect, Inc. has a 1-year low of $7.36 and a 1-year high of $13.00. The company has a market cap of $72.76 million, a PE ratio of 3.69 and a beta of 0.19. The company has a 50-day moving average of $12.22 and a two-hundred day moving average of $11.21.

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

Institutional Investors Weigh In On Steel Connect

Several institutional investors have recently modified their holdings of the business. Gamco Investors INC. ET AL grew its position in shares of Steel Connect by 0.6% during the 1st quarter. Gamco Investors INC. ET AL now owns 159,057 shares of the technology company’s stock worth $1,509,000 after buying an additional 1,000 shares during the period. Gabelli Funds LLC increased its stake in Steel Connect by 1.4% in the first quarter. Gabelli Funds LLC now owns 332,775 shares of the technology company’s stock valued at $3,158,000 after purchasing an additional 4,719 shares in the last quarter. Wealthspire Advisors LLC bought a new stake in Steel Connect in the first quarter valued at approximately $2,991,000. Finally, Steel Partners Holdings L.P. increased its stake in 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 purchasing an additional 1,043,624 shares in the last quarter. Institutional investors and hedge funds own 47.28% of the company’s stock.

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.