Steel Connect, Inc. (NASDAQ:STCN) Short Interest Down 47.3% in September

Steel Connect, Inc. (NASDAQ:STCN) saw a significant decline in short interest in September. As of September 30th, there was short interest totalling 8,800 shares, a decline of 47.3% from the September 15th total of 16,700 shares. Based on an average daily volume of 14,000 shares, the short-interest ratio is presently 0.6 days. Currently, 0.0% of the company’s stock are short sold.

Insider Activity

In related news, Director Steel Partners Holdings L.P. bought 439,673 shares of the company’s stock in a transaction that occurred on Sunday, September 1st. The shares were acquired at an average price of $12.00 per share, for a total transaction of $5,276,076.00. Following the completion of the acquisition, the director now owns 1,552,839 shares of the company’s stock, valued at approximately $18,634,068. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On Steel Connect

Several institutional investors and hedge funds have recently made changes to their positions in STCN. Wealthspire Advisors LLC bought a new stake in Steel Connect during the first quarter worth $2,991,000. Gamco Investors INC. ET AL lifted its stake 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 last quarter. Gabelli Funds LLC lifted its stake in Steel Connect by 1.4% during the first 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 last quarter. Finally, Steel Partners Holdings L.P. lifted its stake in Steel Connect by 51.7% during 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 purchasing an additional 1,043,624 shares during the last quarter. Institutional investors and hedge funds own 47.28% of the company’s stock.

Steel Connect Stock Up 0.2 %

Shares of Steel Connect stock traded up $0.02 on Friday, hitting $10.05. The stock had a trading volume of 2,659 shares, compared to its average volume of 11,710. Steel Connect has a twelve month low of $7.36 and a twelve month high of $13.00. The business’s 50 day moving average is $11.25 and its two-hundred day moving average is $11.55. The stock has a market cap of $63.32 million, a price-to-earnings ratio of 3.21 and a beta of 0.19.

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.