Short Interest in Steel Connect, Inc. (NASDAQ:STCN) Drops By 22.8%

Steel Connect, Inc. (NASDAQ:STCNGet Free Report) was the target of a significant drop in short interest during the month of May. As of May 15th, there was short interest totalling 34,800 shares, a drop of 22.8% from the April 30th total of 45,100 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average trading volume of 12,200 shares, the short-interest ratio is presently 2.9 days.

Insider Activity at Steel Connect

In other news, Director Steel Partners Holdings L.P. purchased 47,013 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The shares were acquired at an average price of $12.00 per share, for a total transaction of $564,156.00. Following the completion of the acquisition, the director now directly owns 1,078,423 shares in the company, valued at $12,941,076. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 923,183 shares of company stock worth $9,499,359 over the last 90 days. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Steel Connect

Hedge funds have recently modified their holdings of the business. Gamco Investors INC. ET AL lifted its stake in 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 acquiring an additional 1,000 shares in the last quarter. Wealthspire Advisors LLC bought a new stake in Steel Connect in the 1st quarter valued at approximately $2,991,000. Gabelli Funds LLC lifted its stake in Steel Connect by 1.4% in the 1st quarter. Gabelli Funds LLC now owns 332,775 shares of the technology company’s stock valued at $3,158,000 after acquiring an additional 4,719 shares in the last quarter. Finally, Steel Partners Holdings L.P. lifted its stake 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 valued at $19,440,000 after acquiring an additional 18,261 shares in the last quarter. Institutional investors and hedge funds own 47.28% of the company’s stock.

Steel Connect Trading Down 1.7 %

Shares of STCN opened at $11.15 on Friday. Steel Connect has a 1 year low of $7.36 and a 1 year high of $12.61. The stock has a market cap of $70.13 million, a P/E ratio of 11.22 and a beta of 0.23. The stock’s 50-day moving average price is $11.07 and its two-hundred day moving average price is $9.86.

Steel Connect (NASDAQ:STCNGet Free Report) last released its quarterly earnings results on Friday, March 15th. The technology company reported $0.18 EPS for the quarter. The company had revenue of $43.05 million for the quarter. Steel Connect had a return on equity of 39.04% and a net margin of 12.23%.

Steel Connect Company Profile

(Get Free Report)

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.

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