Short Interest in Steel Connect, Inc. (NASDAQ:STCN) Decreases By 68.2%

Steel Connect, Inc. (NASDAQ:STCN) saw a large drop in short interest in November. As of November 15th, there was short interest totalling 3,400 shares, a drop of 68.2% from the October 31st total of 10,700 shares. Based on an average trading volume of 17,900 shares, the short-interest ratio is presently 0.2 days. Currently, 0.0% of the company’s stock are sold short.

Insiders Place Their Bets

In other news, Director Steel Partners Holdings L.P. acquired 439,673 shares of Steel Connect stock in a transaction that occurred on Sunday, September 1st. The shares were purchased at an average cost of $12.00 per share, for a total transaction of $5,276,076.00. Following the completion of the purchase, the director now directly owns 1,552,839 shares of the company’s stock, valued at $18,634,068. This trade represents a 39.50 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 8.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Steel Connect

An institutional investor recently raised its position in Steel Connect stock. Steel Partners Holdings L.P. boosted its stake in shares of Steel Connect, Inc. (NASDAQ:STCN) by 51.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,061,313 shares of the technology company’s stock after purchasing an additional 1,043,624 shares during the quarter. Steel Connect makes up approximately 50.1% of Steel Partners Holdings L.P.’s holdings, making the stock its largest position. Steel Partners Holdings L.P. owned approximately 48.59% of Steel Connect worth $39,307,000 at the end of the most recent reporting period. 47.28% of the stock is owned by institutional investors.

Steel Connect Stock Performance

Shares of NASDAQ STCN traded down $0.04 during midday trading on Thursday, hitting $10.25. The company’s stock had a trading volume of 27,392 shares, compared to its average volume of 13,674. Steel Connect has a 1-year low of $7.36 and a 1-year high of $13.00. The firm’s fifty day moving average price is $10.31 and its 200-day moving average price is $11.42. The firm has a market cap of $64.99 million, a P/E ratio of 3.34 and a beta of 0.19.

Steel Connect Company Profile

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.