Short Interest in Steel Connect, Inc. (NASDAQ:STCN) Declines By 27.1%

Steel Connect, Inc. (NASDAQ:STCN) was the target of a significant drop in short interest during the month of July. As of July 15th, there was short interest totalling 29,000 shares, a drop of 27.1% from the June 30th total of 39,800 shares. Based on an average trading volume of 17,800 shares, the short-interest ratio is presently 1.6 days. Approximately 0.1% of the shares of the company are sold short.

Insider Transactions at Steel Connect

In other Steel Connect news, Director Steel Partners Holdings L.P. purchased 7,434 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $11.26 per share, for a total transaction of $83,706.84. Following the purchase, the director now directly owns 1,087,180 shares in the company, valued at $12,241,646.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders have acquired 22,976 shares of company stock worth $263,498. Insiders own 8.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of STCN. Gamco Investors INC. ET AL lifted its holdings in shares of 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 period. Gabelli Funds LLC raised its position in Steel Connect by 1.4% during the 1st quarter. Gabelli Funds LLC now owns 332,775 shares of the technology company’s stock worth $3,158,000 after buying an additional 4,719 shares during the last quarter. Steel Partners Holdings L.P. raised its position in Steel Connect by 0.9% during 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 last quarter. Finally, Wealthspire Advisors LLC acquired a new stake in shares of Steel Connect in the 1st quarter worth $2,991,000. Institutional investors and hedge funds own 47.28% of the company’s stock.

Steel Connect Price Performance

Shares of NASDAQ:STCN traded up $0.03 on Friday, reaching $12.81. The company’s stock had a trading volume of 34,208 shares, compared to its average volume of 19,460. Steel Connect has a 52-week low of $7.36 and a 52-week high of $13.00. The stock has a market capitalization of $80.70 million, a P/E ratio of 4.09 and a beta of 0.20. The stock’s 50-day moving average is $12.23 and its two-hundred day moving average is $10.68.

Steel Connect (NASDAQ:STCN) last issued its quarterly earnings results on Thursday, June 6th. The technology company reported $0.01 earnings per share (EPS) 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.