Steel Connect, Inc. (NASDAQ:STCN) Short Interest Up 25.9% in October

Steel Connect, Inc. (NASDAQ:STCN - Get Free Report) saw a large increase in short interest in the month of 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. Currently, 0.0% of the company's stock are short sold. Based on an average daily volume of 11,900 shares, the days-to-cover ratio is presently 0.9 days.

Steel Connect Price Performance

Steel Connect stock traded up $0.04 during mid-day trading on Friday, reaching $9.84. The stock had a trading volume of 3,760 shares, compared to its average volume of 13,295. The company has a market capitalization of $62.39 million, a price-to-earnings ratio of 3.19 and a beta of 0.19. Steel Connect has a one year low of $7.36 and a one year high of $13.00. The company has a 50-day moving average price of $10.54 and a two-hundred day moving average price of $11.60.

Insider Activity

In related news, Director Steel Partners Holdings L.P. acquired 439,673 shares of the stock in a transaction on Sunday, September 1st. The stock was acquired at an average price of $12.00 per share, for a total transaction of $5,276,076.00. Following the completion of the purchase, the director now owns 1,552,839 shares of the company's stock, valued at $18,634,068. This represents a 39.50 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Steel Connect

Several institutional investors and hedge funds have recently made changes to their positions in the company. Gamco Investors INC. ET AL grew its position in Steel Connect by 0.6% in the 1st 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 during the period. Gabelli Funds LLC increased its position in shares of Steel Connect by 1.4% during the 1st 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, Steel Partners Holdings L.P. lifted its stake in shares of 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 worth $39,307,000 after purchasing an additional 1,043,624 shares during the period. Institutional investors own 47.28% of the company's stock.

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.