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

Steel Connect, Inc. (NASDAQ:STCN) was the target of a significant decline in short interest during the month of 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. Approximately 0.1% of the company’s stock are short sold. Based on an average daily volume of 17,800 shares, the days-to-cover ratio is currently 1.6 days.

Insider Transactions at Steel Connect

In other news, Director Steel Partners Holdings L.P. bought 7,434 shares of Steel Connect stock in a transaction that occurred on Monday, June 10th. The stock was bought at an average price of $11.26 per share, for a total transaction of $83,706.84. Following the purchase, the director now directly owns 1,087,180 shares of the company’s stock, valued at approximately $12,241,646.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have acquired 22,976 shares of company stock valued at $263,498. Corporate insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On Steel Connect

A number of institutional investors have recently modified their holdings of STCN. Steel Partners Holdings L.P. boosted 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 worth $39,307,000 after buying an additional 1,043,624 shares during the last quarter. Gabelli Funds LLC grew its stake in shares of Steel Connect by 1.4% during the 1st quarter. Gabelli Funds LLC now owns 332,775 shares of the technology company’s stock worth $3,158,000 after purchasing an additional 4,719 shares during the period. Wealthspire Advisors LLC purchased a new position in shares of Steel Connect during the 1st quarter valued at approximately $2,991,000. Finally, Gamco Investors INC. ET AL lifted its stake in shares of Steel Connect by 0.6% in the 1st quarter. Gamco Investors INC. ET AL now owns 159,057 shares of the technology company’s stock valued at $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 Price Performance

STCN traded up $0.03 during trading on Friday, reaching $12.81. 34,208 shares of the company’s stock were exchanged, compared to its average volume of 19,460. Steel Connect has a 1 year low of $7.36 and a 1 year high of $13.00. The company’s fifty day simple moving average is $12.23 and its 200-day simple moving average is $10.68. The stock has a market capitalization of $80.70 million, a P/E ratio of 4.09 and a beta of 0.20.

Steel Connect (NASDAQ:STCN) last issued its earnings results 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 net margin of 53.00% and a return on equity of 19.76%.

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.