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

Sacks Parente Golf (NASDAQ:SPGC) declared that its Board of Directors has approved a share repurchase plan on Monday, February 3rd, RTT News reports. The company plans to buyback $1.00 million in shares. This buyback authorization permits the company to repurchase up to 85.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Sacks Parente Golf Stock Performance

Shares of SPGC opened at $0.64 on Tuesday. The stock has a 50-day simple moving average of $0.69 and a 200-day simple moving average of $2.17. The stock has a market capitalization of $1.17 million, a PE ratio of -0.17 and a beta of 4.11. Sacks Parente Golf has a 1 year low of $0.26 and a 1 year high of $9.10.

Insider Activity

In other news, Director Brett Widney Hoge acquired 100,000 shares of Sacks Parente Golf stock in a transaction on Thursday, December 12th. The stock was bought at an average price of $0.31 per share, for a total transaction of $31,000.00. Following the completion of the purchase, the director now owns 186,014 shares in the company, valued at $57,664.34. This represents a 116.26 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders purchased 170,000 shares of company stock worth $64,530. 8.37% of the stock is currently owned by company insiders.

About Sacks Parente Golf

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.