Steel Connect, Inc. (NASDAQ:STCN) Short Interest Up 208.3% in April

Steel Connect, Inc. (NASDAQ:STCN) was the recipient of a large growth in short interest in 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 short sold. Based on an average daily volume of 9,600 shares, the short-interest ratio is presently 2.3 days.

Insider Activity

In other news, Director Steel Partners Holdings L.P. bought 18,605 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was purchased at an average price of $8.93 per share, with a total value of $166,142.65. Following the transaction, the director now owns 88,147 shares of the company’s stock, valued at $787,152.71. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders have purchased 923,183 shares of company stock valued at $9,499,359. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Steel Connect

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

Steel Connect Stock Up 0.3 %

Shares of NASDAQ:STCN traded up $0.04 during midday trading on Friday, reaching $12.13. The company’s stock had a trading volume of 55,734 shares, compared to its average volume of 21,583. The firm has a 50 day moving average of $9.39 and a 200-day moving average of $9.48. The firm has a market capitalization of $76.27 million, a P/E ratio of 12.20 and a beta of 0.33. Steel Connect has a 12-month low of $6.35 and a 12-month high of $12.48.

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

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.