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

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

Insider Buying and Selling at Steel Connect

In other Steel Connect news, Director Steel Partners Holdings L.P. bought 439,673 shares of the firm’s stock in a transaction on Sunday, September 1st. The shares were purchased at an average price of $12.00 per share, for a total transaction of $5,276,076.00. Following the completion of the transaction, the director now directly owns 1,552,839 shares in the company, valued at approximately $18,634,068. The trade was a 39.50 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 8.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Gamco Investors INC. ET AL grew its position in 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 worth $1,509,000 after acquiring an additional 1,000 shares during the last quarter. Gabelli Funds LLC grew 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 purchasing an additional 4,719 shares during the last quarter. Finally, Steel Partners Holdings L.P. increased its stake in shares of Steel Connect by 51.7% in the second 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 period. 47.28% of the stock is currently owned by institutional investors and hedge funds.

Steel Connect Trading Up 2.3 %

Shares of Steel Connect stock opened at $10.03 on Friday. The firm has a market capitalization of $63.59 million, a PE ratio of 3.27 and a beta of 0.19. The firm’s 50 day moving average is $10.48 and its 200 day moving average is $11.56. Steel Connect has a 1 year low of $7.36 and a 1 year high of $13.00.

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.