Short Interest in Steel Connect, Inc. (NASDAQ:STCN) Increases By 21.3%

Steel Connect, Inc. (NASDAQ:STCN) saw a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 197,800 shares, a growth of 21.3% from the November 15th total of 163,000 shares. Currently, 0.5% of the company’s shares are short sold. Based on an average daily trading volume, of 88,800 shares, the days-to-cover ratio is currently 2.2 days.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Steel Connect by 1.8% in the second quarter. Vanguard Group Inc. now owns 1,793,573 shares of the technology company’s stock worth $3,587,000 after purchasing an additional 31,156 shares during the period. Gamco Investors INC. ET AL grew its holdings in Steel Connect by 1.9% in the third quarter. Gamco Investors INC. ET AL now owns 1,040,000 shares of the technology company’s stock worth $2,111,000 after purchasing an additional 19,351 shares during the period. Bridgeway Capital Management LLC grew its holdings in Steel Connect by 33.3% in the second quarter. Bridgeway Capital Management LLC now owns 274,845 shares of the technology company’s stock worth $550,000 after purchasing an additional 68,700 shares during the period. Geode Capital Management LLC grew its holdings in Steel Connect by 6.1% in the second quarter. Geode Capital Management LLC now owns 232,624 shares of the technology company’s stock worth $465,000 after purchasing an additional 13,335 shares during the period. Finally, State Street Corp grew its holdings in Steel Connect by 618.4% in the second quarter. State Street Corp now owns 201,130 shares of the technology company’s stock worth $402,000 after purchasing an additional 173,132 shares during the period. Institutional investors and hedge funds own 84.30% of the company’s stock.

Shares of NASDAQ STCN opened at $1.55 on Friday. Steel Connect has a 1 year low of $0.76 and a 1 year high of $2.90. The company has a debt-to-equity ratio of 59.16, a current ratio of 0.98 and a quick ratio of 0.90. The company’s 50-day moving average is $1.79 and its 200 day moving average is $1.90. The stock has a market capitalization of $93.68 million, a P/E ratio of -2.09 and a beta of 0.71.

Steel Connect (NASDAQ:STCN) last announced its quarterly earnings data on Friday, October 29th. The technology company reported ($0.18) earnings per share for the quarter. The business had revenue of $136.00 million during the quarter. Steel Connect had a negative return on equity of 79.45% and a negative net margin of 7.23%.

Steel Connect Company Profile

Steel Connect, Inc is a holding company, which engages in the provision of supply chain management and direct marketing services. It operates through the following segments: Supply Chain and Direct Marketing. Steel Connect was founded in 1986 and is headquartered in Smyrna, TN.

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