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

Steel Connect, Inc. (NASDAQ:STCN) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 10,700 shares, a growth of 25.9% from the October 15th total of 8,500 shares. Approximately 0.0% of the company’s shares are sold short. Based on an average daily volume of 11,900 shares, the days-to-cover ratio is currently 0.9 days.

Steel Connect Trading Down 3.6 %

NASDAQ STCN opened at $9.80 on Friday. Steel Connect has a 12 month low of $7.36 and a 12 month high of $13.00. The firm has a market capitalization of $62.09 million, a PE ratio of 3.19 and a beta of 0.19. The business’s 50-day moving average price is $10.54 and its two-hundred day moving average price is $11.60.

Insider Activity

In other Steel Connect news, Director Steel Partners Holdings L.P. acquired 439,673 shares of Steel Connect stock in a transaction that occurred on Sunday, September 1st. The shares were bought at an average price of $12.00 per share, with a total value of $5,276,076.00. Following the completion of the purchase, the director now directly owns 1,552,839 shares in the company, valued at $18,634,068. This trade represents a 39.50 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 8.70% of the company’s stock.

Institutional Trading of Steel Connect

A number of institutional investors and hedge funds have recently added to or reduced their stakes in STCN. Steel Partners Holdings L.P. boosted its stake in shares of Steel Connect by 51.7% in the 2nd quarter. Steel Partners Holdings L.P. now owns 3,061,313 shares of the technology company’s stock valued at $39,307,000 after purchasing an additional 1,043,624 shares during the last quarter. Gabelli Funds LLC raised its position in shares of Steel Connect by 1.4% in the 1st quarter. Gabelli Funds LLC now owns 332,775 shares of the technology company’s stock worth $3,158,000 after acquiring an additional 4,719 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its stake in shares of Steel Connect by 0.6% in the 1st 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 period. Institutional investors and hedge funds own 47.28% of the company’s stock.

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.