Short Interest in Steel Connect Inc (NASDAQ:STCN) Drops By 14.1%

Steel Connect Inc (NASDAQ:STCN) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 51,600 shares, a drop of 14.1% from the January 15th total of 60,100 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average daily trading volume, of 44,300 shares, the short-interest ratio is presently 1.2 days.

STCN stock traded down $0.01 during midday trading on Friday, hitting $1.48. 588 shares of the company’s stock were exchanged, compared to its average volume of 19,127. Steel Connect has a 1-year low of $1.19 and a 1-year high of $2.14. The company has a current ratio of 0.85, a quick ratio of 0.75 and a debt-to-equity ratio of 6.56. The stock has a market capitalization of $90.86 million, a PE ratio of -1.56 and a beta of 0.07. The business has a 50-day simple moving average of $1.49 and a two-hundred day simple moving average of $1.59.

Steel Connect (NASDAQ:STCN) last announced its quarterly earnings results on Tuesday, December 10th. The technology company reported $0.06 EPS for the quarter. Steel Connect had a negative return on equity of 36.69% and a negative net margin of 6.58%. The business had revenue of $225.15 million for the quarter.

Several large investors have recently modified their holdings of STCN. Bank of America Corp DE increased its position in shares of Steel Connect by 357.6% during the 4th quarter. Bank of America Corp DE now owns 29,673 shares of the technology company’s stock worth $43,000 after purchasing an additional 23,189 shares during the last quarter. BlackRock Inc. raised its holdings in Steel Connect by 1.4% in the 2nd quarter. BlackRock Inc. now owns 1,202,727 shares of the technology company’s stock valued at $2,189,000 after buying an additional 16,216 shares during the period. Finally, Renaissance Technologies LLC lifted its position in Steel Connect by 0.4% in the fourth quarter. Renaissance Technologies LLC now owns 2,034,596 shares of the technology company’s stock valued at $2,971,000 after buying an additional 7,400 shares during the last quarter. 50.79% of the stock is owned by hedge funds and other institutional investors.

Separately, ValuEngine raised shares of Steel Connect from a “hold” rating to a “buy” rating in a research report on Friday, December 27th.

Steel Connect Company Profile

Steel Connect, Inc, through its subsidiaries, provides supply chain and logistics services to the consumer electronics, communications, computing, medical devices, software, storage, retail, and other industries. It operates through five segments: Americas, Asia, Europe, Direct Marketing, and e-Business.

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