Steel Connect, Inc. (NASDAQ:STCN) Short Interest Down 68.2% in November

Steel Connect, Inc. (NASDAQ:STCN) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 3,400 shares, a drop of 68.2% from the October 31st total of 10,700 shares. Based on an average trading volume of 17,900 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.0% of the company’s stock are sold short.

Steel Connect Stock Performance

Shares of Steel Connect stock traded down $0.04 during trading on Wednesday, hitting $10.25. 27,186 shares of the stock traded hands, compared to its average volume of 13,673. The stock has a market cap of $64.99 million, a P/E ratio of 3.35 and a beta of 0.19. Steel Connect has a twelve month low of $7.36 and a twelve month high of $13.00. The company has a fifty day moving average price of $10.31 and a two-hundred day moving average price of $11.43.

Insiders Place Their Bets

In other news, Director Steel Partners Holdings L.P. purchased 439,673 shares of Steel Connect stock in a transaction dated Sunday, September 1st. The stock was acquired at an average cost of $12.00 per share, for a total transaction of $5,276,076.00. Following the acquisition, the director now directly owns 1,552,839 shares in the company, valued at $18,634,068. This represents a 39.50 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.70% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Steel Connect stock. Steel Partners Holdings L.P. lifted its stake in Steel Connect, Inc. (NASDAQ:STCN) by 51.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,061,313 shares of the technology company’s stock after acquiring an additional 1,043,624 shares during the period. Steel Connect accounts for about 50.1% of Steel Partners Holdings L.P.’s investment portfolio, making the stock its largest position. Steel Partners Holdings L.P. owned approximately 48.59% of Steel Connect worth $39,307,000 as of its most recent filing with the SEC. 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.