Sacks Parente Golf (NASDAQ:SPGC) to Repurchase $1.00 million in Outstanding Shares

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

Sacks Parente Golf Stock Up 12.5 %

NASDAQ SPGC opened at $0.68 on Thursday. The stock has a market cap of $1.24 million, a price-to-earnings ratio of -0.18 and a beta of 4.11. Sacks Parente Golf has a fifty-two week low of $0.26 and a fifty-two week high of $9.10. The business has a fifty day moving average of $0.65 and a 200-day moving average of $2.10.

Insider Activity at Sacks Parente Golf

In other Sacks Parente Golf news, Director Brett Widney Hoge acquired 100,000 shares of the stock in a transaction dated Thursday, December 12th. The stock was acquired at an average price of $0.31 per share, with a total value of $31,000.00. Following the completion of 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In the last quarter, insiders bought 170,000 shares of company stock valued at $64,530. 8.37% of the stock is owned by insiders.

Sacks Parente Golf Company Profile

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.