Sacks Parente Golf (NASDAQ:SPGC) to Buyback $1.00 million in Outstanding Stock

Sacks Parente Golf (NASDAQ:SPGC) declared that its board has initiated a stock buyback program on Monday, February 3rd, RTT News reports. The company plans to repurchase $1.00 million in shares. This repurchase authorization allows the company to buy up to 85.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Sacks Parente Golf Price Performance

Shares of Sacks Parente Golf stock traded up $0.08 during trading on Monday, hitting $0.64. The stock had a trading volume of 10,013,628 shares, compared to its average volume of 10,645,154. The firm has a market cap of $1.17 million, a P/E ratio of -0.17 and a beta of 4.11. The business has a fifty day moving average of $0.69 and a two-hundred day moving average of $2.17. Sacks Parente Golf has a fifty-two week low of $0.26 and a fifty-two week high of $9.10.

Insider Activity

In other news, Director Brett Widney Hoge bought 100,000 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were bought at an average cost of $0.31 per share, with a total value of $31,000.00. Following the transaction, the director now directly owns 186,014 shares in the company, valued at approximately $57,664.34. This trade represents a 116.26 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders purchased a total of 170,000 shares of company stock valued at $64,530 over the last three months. Insiders own 8.37% of the company’s stock.

About Sacks Parente Golf

Sacks Parente Golf, Inc, a technology-forward golf company, manufactures and sells golf products. The company provides putting instruments, golf shafts, golf grips, and other golf-related products. It also offers online custom fitting programs. The company sells its products through e-commerce, distributors, wholesale customers, including pro-shops at golf courses and off-course retailers, sporting goods retailers, online retailers, third-party distributors, and through Club Champion Golf, as well as through mass merchants and corporate customers in the Americas, Asia, and Europe.