Newton Golf (NASDAQ:NWTG) Trading Down 6.1% – Here’s Why

Newton Golf Company, Inc. (NASDAQ:NWTG)’s share price traded down 6.1% during mid-day trading on Friday . The company traded as low as $1.02 and last traded at $1.08. 38,531 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 88,968 shares. The stock had previously closed at $1.15.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Newton Golf in a report on Monday, June 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Newton Golf presently has an average rating of “Sell”.

Newton Golf Stock Down 6.1%

The firm has a market cap of $4.96 million, a P/E ratio of -0.61 and a beta of 2.62. The business’s 50 day moving average is $0.98 and its 200-day moving average is $1.32.

Newton Golf (NASDAQ:NWTG) last released its earnings results on Thursday, May 14th. The company reported ($0.58) EPS for the quarter. Newton Golf had a negative return on equity of 476.84% and a negative net margin of 103.02%.The firm had revenue of $0.99 million for the quarter. As a group, equities analysts predict that Newton Golf Company, Inc. will post -0.48 earnings per share for the current year.

Institutional Trading of Newton Golf

A number of large investors have recently modified their holdings of NWTG. DRW Securities LLC bought a new position in Newton Golf in the 4th quarter worth approximately $27,000. Virtu Financial LLC acquired a new position in Newton Golf during the 3rd quarter worth $28,000. Finally, Geode Capital Management LLC grew its stake in shares of Newton Golf by 45.6% in the fourth quarter. Geode Capital Management LLC now owns 41,530 shares of the company’s stock worth $62,000 after purchasing an additional 13,001 shares in the last quarter. Institutional investors and hedge funds own 0.49% of the company’s stock.

About Newton Golf

Sacks Parente Golf, Inc (“SPG”) is a technology-forward golf company, with a growing portfolio of golf products, including putting instruments, golf shafts, golf grips, and other golf-related products. In April 2022, in consideration of our growth opportunities in shaft technologies, we expanded our manufacturing business to include advanced premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. We intend to manufacture and assemble substantially all products in the United States.