Steel Connect, Inc. (NASDAQ:STCN) Short Interest Down 27.1% in July

Steel Connect, Inc. (NASDAQ:STCN) saw a significant drop in short interest in July. As of July 15th, there was short interest totalling 29,000 shares, a drop of 27.1% from the June 30th total of 39,800 shares. Based on an average daily volume of 17,800 shares, the days-to-cover ratio is presently 1.6 days. Approximately 0.1% of the company’s shares are short sold.

Insider Transactions at Steel Connect

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. Insiders have bought a total of 22,976 shares of company stock valued at $263,498 over the last three months. 8.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Steel Partners Holdings L.P. raised its position in Steel Connect by 51.7% in the 2nd quarter. Steel Partners Holdings L.P. now owns 3,061,313 shares of the technology company’s stock valued at $39,307,000 after buying an additional 1,043,624 shares during the last quarter. Wealthspire Advisors LLC acquired a new stake in shares of Steel Connect in the first quarter valued at approximately $2,991,000. Gabelli Funds LLC raised its holdings in shares of Steel Connect by 1.4% in the first quarter. Gabelli Funds LLC now owns 332,775 shares of the technology company’s stock valued at $3,158,000 after purchasing an additional 4,719 shares during the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in shares of Steel Connect by 0.6% in the first quarter. Gamco Investors INC. ET AL now owns 159,057 shares of the technology company’s stock worth $1,509,000 after purchasing an additional 1,000 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 Monday, hitting $12.85. The company had a trading volume of 34,911 shares, compared to its average volume of 11,951. The stock has a 50-day moving average of $12.23 and a 200-day moving average of $10.69. Steel Connect has a twelve month low of $7.36 and a twelve month high of $13.00. The firm has a market capitalization of $81.02 million, a P/E ratio of 4.11 and a beta of 0.20.

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%.

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.