Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.77, read 2026-11-04
Ethical does not pass the values gate
Price87.81 USD
Fair value91.00Our model only; only one analyst covers it, too few to cross-check it.
Ethical score70.0/100
Value readFairas of 4 Nov 2026
Our investment reviews on this name
2026-10-26Read Markdown87.73+0.1% to today Markup gives way to Markdown first Markdown read since August
2026-10-21Read Markup90.82-3.3% to today Accumulation gives way to Markup after a 6% rise in 3 weeks
2026-10-02Read Accumulation85.90+2.2% to today ✓Markdown gives way to Accumulation after a 7% rise in 5 weeks
2026-08-25Read Markdown80.26+9.4% to today Markup gives way to Markdown after a 10% rise in 8 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
PC Connection, Inc. holds its Markdown at $87.81. Consolidating, no directional conviction, held for 56 days.
As held on the ledger · 2026-11-04
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 56 days
Price at the screen
$87.81
Valuation
21.68 trailing · 18.39 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.82
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
0.13%
Below 33%
Interest-bearing debt is just 0.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
15.80%
Below 33%
Cash held in interest-bearing accounts and securities is 15.8% of assets, under the one-third limit.
Pass
Receivables
57.99%
Below 49%
Money owed to the company is 58.0% of assets, above the 49% limit.
Fail
Revenue purity
0.50%
Below 5%
Only 0.5% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
PC Connection,'s business is fine, but its receivables are about 58% of its assets, just over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today CNXN does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; only one analyst covers it, too few to cross-check it.
Our analysis reads Fair vs our fair value, as of 4 Nov 2026: it trades at roughly a 3% discount to our $91.00 fair value, 23.30% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. A 3.5% discount to the base estimate.
Reading the gap · Our model sees value the Street hasn't fully caught up to yet.
Where our models see it going: fair-value estimate $91.00, with a range of $87.06 to $145.10, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
IT distributor priced above its fair value
Every time an office manager orders fresh laptops or a government department refreshes its servers, the boxes still have to move through someone. PC Connection handles that flow across enterprise, business and public-sector buyers, yet the shares sit 4 percent above our fair value with only 3 percent revenue growth expected and a forward multiple of 18.6 times.
We pass because the numbers do not justify stretching the valuation. Profit margins sit at 3 percent, return on equity at 10 percent, and the single analyst covering the name sees no upside to the current price. The ethical screen clears, but that alone does not turn modest returns into an opportunity.
Risk sits in the unknown moat and exposure to IT spending cycles that can flatten quickly when budgets tighten. A low-teens multiple on peak earnings often signals the top of the cycle rather than a bargain. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CNXN trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markdown$87.54-0.2%Entry 16
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 28% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter.
2026-10-28Markdown$87.73+0.0%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 28% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Markdown$87.73+0.0%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 28% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Markdown · changed$87.73+0.0%Entry 13
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 28% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markup$87.73+0.0%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 33% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markup$87.73+0.0%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 33% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markup$87.73+0.0%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 33% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markup$87.73-3.4%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 3.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 33% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markup · changed$90.82-2.1%Entry 8
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 2.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 33% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-15Accumulation$92.81+8.0%Entry 7
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $76. Insiders have been net sellers over the past quarter. Since the last review it dropped out of the Tech 100.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
