Steel Connect, Inc. (NASDAQ:STCN) Short Interest Down 68.2% in November

Steel Connect, Inc. (NASDAQ:STCN) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 3,400 shares, a decline of 68.2% from the October 31st total of 10,700 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average daily trading volume, of 17,900 shares, the short-interest ratio is currently 0.2 days.

Steel Connect Trading Down 0.4 %

STCN stock traded down $0.04 during trading on Wednesday, hitting $10.25. The company had a trading volume of 27,186 shares, compared to its average volume of 13,673. The company has a fifty day moving average price of $10.31 and a two-hundred day moving average price of $11.43. The company has a market cap of $64.99 million, a P/E ratio of 3.35 and a beta of 0.19. Steel Connect has a fifty-two week low of $7.36 and a fifty-two week high of $13.00.

Insiders Place Their Bets

In related news, Director Steel Partners Holdings L.P. purchased 439,673 shares of the firm’s stock in a transaction that occurred on Sunday, September 1st. The shares were acquired at an average price of $12.00 per share, with a total value of $5,276,076.00. Following the purchase, the director now directly owns 1,552,839 shares in the company, valued at $18,634,068. This represents a 39.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On Steel Connect

A hedge fund recently raised its stake in Steel Connect stock. Steel Partners Holdings L.P. grew its holdings in Steel Connect, Inc. (NASDAQ:STCN) by 51.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,061,313 shares of the technology company’s stock after purchasing an additional 1,043,624 shares during the quarter. Steel Connect comprises about 50.1% of Steel Partners Holdings L.P.’s investment portfolio, making the stock its largest position. Steel Partners Holdings L.P. owned 48.59% of Steel Connect worth $39,307,000 at the end of the most recent quarter. 47.28% of the stock is owned by institutional investors.

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.