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 stock repurchase program on Monday, February 3rd, RTT News reports. The company plans to repurchase $1.00 million in shares. This repurchase authorization permits the company to buy up to 85.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Sacks Parente Golf Trading Up 14.1 %

Shares of SPGC opened at $0.64 on Tuesday. The firm has a market cap of $1.17 million, a price-to-earnings ratio of -0.17 and a beta of 4.11. Sacks Parente Golf has a 52 week low of $0.26 and a 52 week high of $9.10. The stock has a 50 day moving average of $0.69 and a 200-day moving average of $2.17.

Insider Buying and Selling

In other Sacks Parente Golf news, Director Brett Widney Hoge bought 100,000 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were purchased at an average price of $0.31 per share, with a total value of $31,000.00. Following the purchase, the director now directly 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders have purchased 170,000 shares of company stock valued at $64,530. Insiders own 8.37% of the company’s stock.

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.