Short Interest in Sacks Parente Golf, Inc. (NASDAQ:SPGC) Grows By 16,848.1%

Sacks Parente Golf, Inc. (NASDAQ:SPGC) was the recipient of a large increase in short interest in January. As of January 31st, there was short interest totalling 2,610,000 shares, an increase of 16,848.1% from the January 15th total of 15,400 shares. Based on an average trading volume of 4,770,000 shares, the short-interest ratio is presently 0.5 days.

Sacks Parente Golf Stock Up 85.2 %

Shares of NASDAQ SPGC traded up $0.34 during trading hours on Wednesday, reaching $0.74. 72,335,048 shares of the stock traded hands, compared to its average volume of 11,114,438. The company has a market capitalization of $1.35 million, a P/E ratio of -0.20 and a beta of 4.12. Sacks Parente Golf has a 52-week low of $0.26 and a 52-week high of $7.90. The company’s 50-day simple moving average is $0.54 and its two-hundred day simple moving average is $1.94.

Sacks Parente Golf declared that its board has initiated a stock repurchase program on Monday, February 3rd that authorizes the company to buyback $1.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 85.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Sacks Parente Golf

In other news, Director Brett Widney Hoge acquired 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were bought at an average cost of $0.31 per share, with a total value of $31,000.00. Following the acquisition, the director now owns 186,014 shares in the company, valued at approximately $57,664.34. This represents a 116.26 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired a total of 170,000 shares of company stock valued at $64,530 in the last 90 days. Corporate 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.