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

Steel Connect, Inc. (NASDAQ:STCN) saw a large increase in short interest in April. As of April 15th, there was short interest totalling 22,200 shares, an increase of 208.3% from the March 31st total of 7,200 shares. Based on an average trading volume of 9,600 shares, the days-to-cover ratio is currently 2.3 days. Approximately 0.1% of the shares of the company are short sold.

Steel Connect Stock Down 0.4 %

Shares of NASDAQ STCN opened at $12.09 on Friday. The stock has a market capitalization of $76.00 million, a P/E ratio of 12.21 and a beta of 0.33. The firm’s 50-day moving average price is $9.24 and its two-hundred day moving average price is $9.45. Steel Connect has a 52-week low of $6.35 and a 52-week high of $12.48.

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

Insider Transactions at Steel Connect

In other Steel Connect news, Director Steel Partners Holdings L.P. acquired 18,605 shares of the firm’s stock in a transaction on Wednesday, April 10th. The stock was purchased at an average price of $8.93 per share, with a total value of $166,142.65. Following the completion of the acquisition, the director now directly owns 88,147 shares in the company, valued at approximately $787,152.71. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders bought 719,857 shares of company stock worth $7,059,447. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Steel Connect

A number of hedge funds have recently added to or reduced their stakes in STCN. Gamco Investors INC. ET AL increased its holdings in shares of Steel Connect by 2.0% in the 3rd quarter. Gamco Investors INC. ET AL now owns 149,094 shares of the technology company’s stock worth $1,565,000 after acquiring an additional 2,872 shares during the period. Gabelli Funds LLC increased its stake in shares of Steel Connect by 1.8% in the third quarter. Gabelli Funds LLC now owns 328,945 shares of the technology company’s stock valued at $3,454,000 after purchasing an additional 5,765 shares during the period. FORVIS Wealth Advisors LLC bought a new stake in shares of Steel Connect during the third quarter valued at approximately $168,000. Finally, Steel Partners Holdings L.P. raised its holdings in shares of Steel Connect by 0.9% during the fourth quarter. Steel Partners Holdings L.P. now owns 2,017,689 shares of the technology company’s stock valued at $19,440,000 after buying an additional 18,261 shares during the last quarter. 47.28% of the stock is currently 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.