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

Steel Connect, Inc. (NASDAQ:STCN) was the recipient of a large increase in short interest during the month of 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 trading volume of 15,100 shares, the short-interest ratio is presently 1.1 days. Approximately 0.1% of the shares of the company are sold short.

Insider Buying and Selling at Steel Connect

In related news, Director Steel Partners Holdings L.P. acquired 439,673 shares of Steel Connect stock in a transaction on Sunday, September 1st. The stock was purchased at an average cost 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 in the company, valued at $18,634,068. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Steel Connect

A number of large investors have recently modified their holdings of the business. Steel Partners Holdings L.P. raised 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 buying an additional 1,043,624 shares in the last quarter. Gabelli Funds LLC grew its holdings 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 during the period. Gamco Investors INC. ET AL grew its holdings 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 worth $1,509,000 after acquiring an additional 1,000 shares during the period. Finally, Wealthspire Advisors LLC acquired a new stake in shares of Steel Connect in the 1st quarter worth approximately $2,991,000. 47.28% of the stock is owned by hedge funds and other institutional investors.

Steel Connect Trading Up 0.2 %

Shares of STCN stock opened at $10.92 on Friday. The company has a market cap of $68.85 million, a price-to-earnings ratio of 3.49 and a beta of 0.19. The stock has a 50 day simple moving average of $11.70 and a 200-day simple moving average of $11.47. Steel Connect has a 12-month low of $7.36 and a 12-month high of $13.00.

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.