Short Interest in Steel Connect, Inc. (NASDAQ:STCN) Decreases By 54.2%

Steel Connect, Inc. (NASDAQ:STCN – Get Rating) saw a large decrease in short interest in May. As of May 15th, there was short interest totalling 96,700 shares, a decrease of 54.2% from the April 30th total of 211,200 shares. Based on an average trading volume of 89,000 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.3% of the company’s stock are sold short.

Steel Connect Stock Performance

Shares of STCN traded up $0.01 during trading hours on Friday, hitting $0.82. 67,306 shares of the company were exchanged, compared to its average volume of 79,906. The firm’s 50 day moving average is $0.98 and its 200-day moving average is $1.18. Steel Connect has a 52 week low of $0.68 and a 52 week high of $1.53. The company has a market cap of $49.97 million, a PE ratio of 1.47 and a beta of 0.30.

Steel Connect (NASDAQ:STCN – Get Rating) last announced its earnings results on Wednesday, March 15th. The technology company reported ($0.02) earnings per share for the quarter. The company had revenue of $50.78 million during the quarter.

Wall Street Analyst Weigh In

Separately, TheStreet downgraded Steel Connect from a “c-” rating to a “d+” rating in a research note on Thursday, March 16th.

Institutional Trading of Steel Connect

Several hedge funds have recently added to or reduced their stakes in the business. Gabelli Funds LLC boosted its stake in Steel Connect by 2.2% during the 1st quarter. Gabelli Funds LLC now owns 2,912,910 shares of the technology company’s stock valued at $3,321,000 after purchasing an additional 63,761 shares during the period. Gamco Investors INC. ET AL lifted its position in shares of Steel Connect by 7.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 1,059,800 shares of the technology company’s stock worth $1,208,000 after acquiring an additional 72,000 shares during the period. Bank of America Corp DE lifted its position in shares of Steel Connect by 43.4% in the 1st quarter. Bank of America Corp DE now owns 243,500 shares of the technology company’s stock worth $314,000 after acquiring an additional 73,671 shares during the period. State Street Corp lifted its position in shares of Steel Connect by 6.0% in the 1st quarter. State Street Corp now owns 213,238 shares of the technology company’s stock worth $275,000 after acquiring an additional 12,108 shares during the period. Finally, Summit Trail Advisors LLC lifted its position in shares of Steel Connect by 8.0% in the 3rd quarter. Summit Trail Advisors LLC now owns 174,581 shares of the technology company’s stock worth $239,000 after acquiring an additional 13,000 shares during the period. Institutional investors own 47.19% of the company’s stock.

About Steel Connect

(Get Rating)

Steel Connect, Inc is a holding company, which engages in the provision of an end-to-end global supply chain solutions and e-commerce services. Its product aims to improve their clients’ global supply chain, speed to market, product customization, flexibility, cost, quality and service. The company was founded in 1986 and is headquartered in Smyrna, TN.