Short Interest in Steel Connect, Inc. (NASDAQ:STCN) Grows By 24.4%

Steel Connect, Inc. (NASDAQ:STCN) saw a significant growth in short interest in the month of 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 daily volume of 14,800 shares, the short-interest ratio is currently 3.2 days. Currently, 0.2% of the shares of the stock are short sold.

Insider Buying and Selling

In other news, Director Steel Partners Holdings L.P. purchased 18,605 shares of Steel Connect stock in a transaction that occurred on Wednesday, April 10th. The shares were acquired at an average price of $8.93 per share, for a total transaction of $166,142.65. Following the transaction, the director now owns 88,147 shares of the company’s stock, valued at approximately $787,152.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have purchased 946,159 shares of company stock worth $9,762,857. Company insiders own 8.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of STCN. Gabelli Funds LLC grew its position 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 valued at $3,158,000 after acquiring an additional 4,719 shares during the period. Gamco Investors INC. ET AL lifted its stake in Steel Connect by 0.6% in the first 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 last quarter. Wealthspire Advisors LLC bought a new position in Steel Connect during the first quarter valued at $2,991,000. Finally, Steel Partners Holdings L.P. increased its position in Steel Connect by 0.9% in the fourth 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 last quarter. Institutional investors own 47.28% of the company’s stock.

Steel Connect Stock Performance

Shares of NASDAQ:STCN traded up $0.01 during midday trading on Friday, hitting $12.84. 15,328 shares of the stock were exchanged, compared to its average volume of 15,217. The stock has a market capitalization of $80.89 million, a price-to-earnings ratio of 4.10 and a beta of 0.18. The business’s 50-day moving average price is $12.06 and its 200 day moving average price is $10.24. Steel Connect has a 12 month low of $7.36 and a 12 month high of $13.00.

Steel Connect (NASDAQ:STCN) last announced its earnings results on Thursday, June 6th. The technology company reported $0.01 earnings per share for the quarter. The firm had revenue of $43.86 million for the quarter. Steel Connect had a return on equity of 19.76% and a net margin of 53.00%.

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.