Newton Golf (NASDAQ:NWTG) Shares Down 8.8% – Here’s What Happened

Shares of Newton Golf Company, Inc. (NASDAQ:NWTG) fell 8.8% during trading on Monday . The company traded as low as $1.13 and last traded at $1.14. 10,694 shares were traded during trading, a decline of 63% from the average session volume of 28,745 shares. The stock had previously closed at $1.25.

Analyst Upgrades and Downgrades

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

Newton Golf Price Performance

The firm has a market capitalization of $5.74 million, a price-to-earnings ratio of -0.70 and a beta of 2.47. The stock has a 50 day moving average price of $1.01 and a two-hundred day moving average price of $1.25.

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

Institutional Trading of Newton Golf

A number of large investors have recently made changes to their positions in NWTG. Virtu Financial LLC purchased a new stake in shares of Newton Golf in the 3rd quarter valued at approximately $28,000. DRW Securities LLC purchased a new position in shares of Newton Golf during the fourth quarter worth about $27,000. Finally, Geode Capital Management LLC increased its position in Newton Golf by 45.6% during the fourth quarter. Geode Capital Management LLC now owns 41,530 shares of the company’s stock worth $62,000 after buying an additional 13,001 shares during the period. 0.49% of the stock is currently owned by hedge funds and other institutional investors.

Newton Golf Company Profile

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.