Steel Connect, Inc. (NASDAQ:STCN – Get Free Report) was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totalling 16,700 shares, an increase of 28.5% from the August 31st total of 13,000 shares. Based on an average daily volume of 15,100 shares, the short-interest ratio is currently 1.1 days. Approximately 0.1% of the company’s stock are sold short.
Insiders Place Their Bets
In other news, Director Steel Partners Holdings L.P. purchased 439,673 shares of the company’s stock in a transaction on Sunday, September 1st. The shares were purchased 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 of the company’s stock, valued at approximately $18,634,068. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 8.70% of the company’s stock.
Institutional Trading of Steel Connect
A number of institutional investors have recently made changes to their positions in the business. Gamco Investors INC. ET AL grew its position 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 in the last quarter. Gabelli Funds LLC boosted its stake 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 worth $3,158,000 after buying an additional 4,719 shares during the last quarter. Wealthspire Advisors LLC bought a new position in shares of Steel Connect in the 1st quarter valued at about $2,991,000. Finally, Steel Partners Holdings L.P. grew its stake in shares of Steel Connect by 51.7% in the second quarter. Steel Partners Holdings L.P. now owns 3,061,313 shares of the technology company’s stock valued at $39,307,000 after buying an additional 1,043,624 shares in the last quarter. Institutional investors own 47.28% of the company’s stock.
Steel Connect Stock Performance
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.
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