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

Sacks Parente Golf, Inc. (NASDAQ:SPGC) was the recipient of a large increase in short interest during the month of 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 daily trading volume, of 4,770,000 shares, the days-to-cover ratio is presently 0.5 days.

Sacks Parente Golf Stock Performance

Shares of NASDAQ SPGC traded up $0.34 during mid-day trading on Wednesday, hitting $0.74. 72,335,048 shares of the stock traded hands, compared to its average volume of 11,114,438. Sacks Parente Golf has a 52 week low of $0.26 and a 52 week high of $7.90. The company has a market cap of $1.35 million, a price-to-earnings ratio of -0.20 and a beta of 4.12. The stock has a fifty day moving average price of $0.54 and a 200-day moving average price of $1.94.

Sacks Parente Golf announced that its board has authorized a stock buyback plan on Monday, February 3rd that permits the company to buyback $1.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 85.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Sacks Parente Golf

In other news, Director Brett Widney Hoge purchased 100,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were bought at an average cost of $0.31 per share, for a total transaction of $31,000.00. Following the completion of the transaction, the director now directly owns 186,014 shares of the company’s stock, valued at $57,664.34. This trade represents a 116.26 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have acquired 170,000 shares of company stock worth $64,530. 8.37% of the stock is currently owned by insiders.

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.