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

Steel Connect, Inc. (NASDAQ:STCN) saw a large growth in short interest in June. As of June 15th, there was short interest totalling 47,400 shares, a growth of 24.4% from the May 31st total of 38,100 shares. Based on an average trading volume of 14,800 shares, the days-to-cover ratio is presently 3.2 days. Approximately 0.2% of the company’s shares are short sold.

Insider Activity

In other news, Director Steel Partners Holdings L.P. bought 701,246 shares of Steel Connect stock in a transaction dated Thursday, April 18th. The stock was bought at an average cost of $9.83 per share, for a total transaction of $6,893,248.18. Following the purchase, the director now directly owns 813,097 shares in the company, valued at approximately $7,992,743.51. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders purchased 946,159 shares of company stock worth $9,762,857 in the last quarter. 8.70% of the stock is owned by corporate insiders.

Institutional Trading of Steel Connect

Several hedge funds have recently made changes to their positions in STCN. Gabelli Funds LLC lifted its holdings in Steel Connect by 1.4% during 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 during the last quarter. Gamco Investors INC. ET AL lifted its stake 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 valued at $1,509,000 after buying an additional 1,000 shares in the last quarter. Wealthspire Advisors LLC bought a new position in Steel Connect in the 1st quarter worth approximately $2,991,000. Finally, Steel Partners Holdings L.P. boosted its holdings in Steel Connect by 0.9% in the 4th quarter. Steel Partners Holdings L.P. now owns 2,017,689 shares of the technology company’s stock worth $19,440,000 after buying an additional 18,261 shares during the period. 47.28% of the stock is currently owned by institutional investors.

Steel Connect Stock Up 0.2 %

Shares of NASDAQ STCN opened at $12.87 on Monday. The company has a market capitalization of $81.15 million, a PE ratio of 4.10 and a beta of 0.18. The stock’s 50 day moving average price is $12.06 and its 200-day moving average price is $10.24. Steel Connect has a twelve month low of $7.36 and a twelve month high of $13.00.

Steel Connect (NASDAQ:STCN) last announced its quarterly earnings data 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 business had revenue of $43.86 million for the quarter.

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.