Share Buyback Plan Announced by Sacks Parente Golf (NASDAQ:SPGC) Board

Sacks Parente Golf (NASDAQ:SPGC) announced that its board has initiated a share repurchase plan on Monday, February 3rd, RTT News reports. The company plans to repurchase $1.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 85.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Sacks Parente Golf Trading Up 14.1 %

SPGC traded up $0.08 on Monday, hitting $0.64. 10,013,628 shares of the company’s stock were exchanged, compared to its average volume of 10,645,154. Sacks Parente Golf has a fifty-two week low of $0.26 and a fifty-two week high of $9.10. The firm has a 50-day moving average price of $0.69 and a 200-day moving average price of $2.17. The stock has a market cap of $1.17 million, a price-to-earnings ratio of -0.17 and a beta of 4.11.

Insiders Place Their Bets

In related news, Director Brett Widney Hoge purchased 100,000 shares of Sacks Parente Golf stock in a transaction dated Thursday, December 12th. The shares were acquired at an average price of $0.31 per share, for a total transaction of $31,000.00. Following the acquisition, the director now directly owns 186,014 shares in the company, valued at approximately $57,664.34. The trade was a 116.26 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired a total of 170,000 shares of company stock valued at $64,530 in the last 90 days. 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.