ValuEngine Upgrades Steel Connect (NASDAQ:STCN) to Buy

Steel Connect (NASDAQ:STCN) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Monday, ValuEngine reports.

NASDAQ STCN traded down $0.05 on Monday, hitting $1.56. 27,758 shares of the company were exchanged, compared to its average volume of 26,792. Steel Connect has a 12 month low of $1.54 and a 12 month high of $2.20. The stock has a fifty day moving average of $1.76 and a 200-day moving average of $1.84. The company has a quick ratio of 0.80, a current ratio of 0.92 and a debt-to-equity ratio of 4.08.

Hedge funds and other institutional investors have recently modified their holdings of the stock. NJ State Employees Deferred Compensation Plan boosted its stake in Steel Connect by 5.0% during the second quarter. NJ State Employees Deferred Compensation Plan now owns 210,000 shares of the technology company’s stock worth $382,000 after acquiring an additional 10,000 shares in the last quarter. BlackRock Inc. boosted its stake in Steel Connect by 1.4% during the second quarter. BlackRock Inc. now owns 1,202,727 shares of the technology company’s stock worth $2,189,000 after acquiring an additional 16,216 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Steel Connect by 1.5% during the second quarter. Renaissance Technologies LLC now owns 2,010,054 shares of the technology company’s stock worth $3,658,000 after acquiring an additional 29,071 shares in the last quarter. 50.81% of the stock is currently owned by institutional investors and hedge funds.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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