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

Sacks Parente Golf (NASDAQ:SPGC) declared that its Board of Directors has initiated a share repurchase program on Monday, February 3rd, RTT News reports. The company plans to buyback $1.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 85.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Sacks Parente Golf Price Performance

Shares of NASDAQ:SPGC opened at $0.68 on Thursday. The stock has a market cap of $1.24 million, a P/E ratio of -0.18 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. The firm has a fifty day moving average price of $0.65 and a 200 day moving average price of $2.10.

Insider Transactions at Sacks Parente Golf

In other news, Director Brett Widney Hoge bought 100,000 shares of Sacks Parente Golf stock in a transaction dated 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 purchase, the director now owns 186,014 shares of the company’s stock, 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 document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders acquired 170,000 shares of company stock worth $64,530. Company insiders own 8.37% of the company’s stock.

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.