Sacks Parente Golf, Inc. (NASDAQ:SPGC) Sees Large Growth in Short Interest

Sacks Parente Golf, Inc. (NASDAQ:SPGC) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 5,960,000 shares, an increase of 215.3% from the February 13th total of 1,890,000 shares. Based on an average daily volume of 15,820,000 shares, the short-interest ratio is currently 0.4 days. Approximately 79.4% of the shares of the stock are sold short.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Sacks Parente Golf stock. Renaissance Technologies LLC purchased a new stake in shares of Sacks Parente Golf, Inc. (NASDAQ:SPGC) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 172,300 shares of the company’s stock, valued at approximately $72,000. Renaissance Technologies LLC owned about 9.44% of Sacks Parente Golf at the end of the most recent quarter. Institutional investors own 0.49% of the company’s stock.

Sacks Parente Golf Price Performance

NASDAQ SPGC opened at $0.10 on Friday. The business has a fifty day moving average price of $0.44 and a two-hundred day moving average price of $1.44. The stock has a market capitalization of $182,600.00, a PE ratio of -0.03 and a beta of 4.59. Sacks Parente Golf has a fifty-two week low of $0.09 and a fifty-two week high of $6.51.

Sacks Parente Golf shares are going to reverse split on Monday, March 17th. The 1-30 reverse split was announced on Tuesday, March 11th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, March 14th.

Sacks Parente Golf declared that its board has initiated a share buyback plan on Monday, February 3rd that allows the company to repurchase $1.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 85.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.