On June 20, STEEL PARTNERS HOLDINGS LP, Board Member at Steel Connect (NASDAQ:STCN) executed a significant insider buy, as disclosed in the latest SEC filing.
What Happened: In a significant move reported in a Form 4 filing with the U.S. Securities and Exchange Commission on Thursday, LP purchased 21,342 shares of Steel Connect, demonstrating confidence in the company's growth potential. The total value of the transaction stands at $245,892.
During Friday's morning session, Steel Connect shares up by 0.24%, currently priced at $12.52.
Delving into Steel Connect's Background
Steel Connect Inc is a diversified holding company. The company's operating segment include Direct Marketing and Supply Chain. It generates maximum revenue from the Direct Marketing segment. Geographically, it derives a majority of revenue from the United States and also has a presence in China; Netherlands, and others. The company serves clients in various industries including consumer electronics, communications, computing, software, storage, and retail industries.
Financial Insights: Steel Connect
Negative Revenue Trend: Examining Steel Connect's financials over 3 months reveals challenges. As of 30 April, 2024, the company experienced a decline of approximately -4.96% in revenue growth, reflecting a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The ...