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

Steel Connect, Inc. (NASDAQ:STCN) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 10,700 shares, a growth of 25.9% from the October 15th total of 8,500 shares. Based on an average daily trading volume, of 11,900 shares, the days-to-cover ratio is currently 0.9 days. Approximately 0.0% of the shares of the stock are short sold.

Insider Buying and Selling

In related news, Director Steel Partners Holdings L.P. bought 439,673 shares of Steel Connect stock in a transaction dated Sunday, September 1st. The shares were bought at an average cost of $12.00 per share, for a total transaction of $5,276,076.00. Following the completion of the transaction, the director now owns 1,552,839 shares of the company’s stock, valued at approximately $18,634,068. This trade represents a 39.50 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Steel Connect

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gamco Investors INC. ET AL lifted its holdings in shares of Steel Connect by 0.6% during the 1st quarter. Gamco Investors INC. ET AL now owns 159,057 shares of the technology company’s stock valued at $1,509,000 after purchasing an additional 1,000 shares in the last quarter. Gabelli Funds LLC raised its holdings in shares of Steel Connect by 1.4% during the first 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. Finally, Steel Partners Holdings L.P. lifted 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 acquiring an additional 1,043,624 shares in the last quarter. Institutional investors own 47.28% of the company’s stock.

Steel Connect Price Performance

Shares of Steel Connect stock traded up $0.23 on Friday, hitting $10.03. 4,909 shares of the company’s stock traded hands, compared to its average volume of 13,300. Steel Connect has a one year low of $7.36 and a one year high of $13.00. The stock has a market capitalization of $63.59 million, a PE ratio of 3.21 and a beta of 0.19. The firm’s 50-day moving average price is $10.48 and its two-hundred day moving average price is $11.57.

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.