Steel Connect, Inc. (NASDAQ:STCN) Short Interest Down 20.6% in August

Steel Connect, Inc. (NASDAQ:STCN) was the target of a large decrease in short interest in August. As of August 15th, there was short interest totalling 13,500 shares, a decrease of 20.6% from the July 31st total of 17,000 shares. Based on an average daily trading volume, of 15,600 shares, the short-interest ratio is currently 0.9 days. Approximately 0.1% of the company’s shares are sold short.

Steel Connect Price Performance

STCN traded up $0.03 during trading on Friday, reaching $11.93. The company had a trading volume of 2,390 shares, compared to its average volume of 11,741. The company has a market cap of $75.22 million, a P/E ratio of 3.81 and a beta of 0.20. Steel Connect has a 12 month low of $7.36 and a 12 month high of $13.00. The business’s fifty day moving average price is $12.39 and its 200 day moving average price is $11.12.

Steel Connect (NASDAQ:STCN) last posted its quarterly earnings data on Thursday, June 6th. The technology company reported $0.01 EPS for the quarter. The business had revenue of $43.86 million for the quarter. Steel Connect had a net margin of 53.00% and a return on equity of 19.76%.

Insider Buying and Selling

In other Steel Connect news, Director Steel Partners Holdings L.P. bought 7,434 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was purchased at an average cost of $11.26 per share, with a total value of $83,706.84. Following the completion of the purchase, the director now owns 1,087,180 shares in the company, valued at $12,241,646.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have acquired 22,976 shares of company stock valued at $263,498. 8.70% of the stock is owned by company insiders.

Institutional Trading of Steel Connect

Institutional investors have recently modified their holdings of the company. Steel Partners Holdings L.P. grew its stake in shares of Steel Connect by 51.7% during the 2nd quarter. Steel Partners Holdings L.P. now owns 3,061,313 shares of the technology company’s stock worth $39,307,000 after acquiring an additional 1,043,624 shares in the last quarter. Wealthspire Advisors LLC bought a new position in Steel Connect in the first quarter valued at $2,991,000. Gabelli Funds LLC increased its stake in Steel Connect by 1.4% in the 1st quarter. Gabelli Funds LLC now owns 332,775 shares of the technology company’s stock valued at $3,158,000 after buying an additional 4,719 shares during the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in Steel Connect by 0.6% during the 1st quarter. Gamco Investors INC. ET AL now owns 159,057 shares of the technology company’s stock worth $1,509,000 after buying an additional 1,000 shares in the last quarter. 47.28% of the stock is currently owned by institutional investors.

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.