Short Interest in Steel Connect, Inc. (NASDAQ:STCN) Rises By 208.3%

Steel Connect, Inc. (NASDAQ:STCN) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 22,200 shares, a growth of 208.3% from the March 31st total of 7,200 shares. Approximately 0.1% of the company’s shares are sold short. Based on an average trading volume of 9,600 shares, the short-interest ratio is currently 2.3 days.

Insider Activity

In related news, Director Steel Partners Holdings L.P. bought 47,013 shares of the stock in a transaction that occurred on Friday, April 26th. The stock was acquired at an average cost of $12.00 per share, with a total value of $564,156.00. Following the transaction, the director now directly owns 1,078,423 shares in the company, valued at $12,941,076. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders acquired 923,183 shares of company stock valued at $9,499,359. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Steel Connect

Institutional investors have recently modified their holdings of the company. Gamco Investors INC. ET AL lifted its position in Steel Connect by 2.0% in the 3rd quarter. Gamco Investors INC. ET AL now owns 149,094 shares of the technology company’s stock valued at $1,565,000 after acquiring an additional 2,872 shares in the last quarter. Gabelli Funds LLC boosted its position in shares of Steel Connect by 1.8% during the third quarter. Gabelli Funds LLC now owns 328,945 shares of the technology company’s stock valued at $3,454,000 after buying an additional 5,765 shares during the last quarter. FORVIS Wealth Advisors LLC bought a new stake in Steel Connect during the third quarter worth $168,000. Finally, Steel Partners Holdings L.P. grew its holdings in Steel Connect by 0.9% during the fourth quarter. Steel Partners Holdings L.P. now owns 2,017,689 shares of the technology company’s stock worth $19,440,000 after buying an additional 18,261 shares in the last quarter. 47.28% of the stock is owned by institutional investors and hedge funds.

Steel Connect Price Performance

Shares of Steel Connect stock traded up $0.04 on Friday, hitting $12.13. 55,734 shares of the company’s stock traded hands, compared to its average volume of 21,583. The company has a market capitalization of $76.27 million, a price-to-earnings ratio of 12.20 and a beta of 0.33. The company has a fifty day moving average of $9.39 and a two-hundred day moving average of $9.48. Steel Connect has a one year low of $6.35 and a one year high of $12.48.

Steel Connect (NASDAQ:STCN) last released its earnings results on Friday, March 15th. The technology company reported $0.18 earnings per share (EPS) for the quarter. The company had revenue of $43.05 million for the quarter. Steel Connect had a net margin of 12.23% and a return on equity of 39.04%.

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.