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Sacks Parente Golf director buys $19.8k in company shares

Published 24/05/2024, 07:14 am
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SPGC
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In a recent move that may interest investors, Brett Widney, a director at Sacks Parente Golf, Inc. (OTC:SPGC), has purchased a significant amount of company shares. The transactions, which occurred over two consecutive days, resulted in Widney acquiring a total of 39,747 shares of common stock.

On the first day, Widney bought 33,685 shares at a price of $0.4984 per share. The following day, an additional 6,062 shares were purchased at a slightly higher price of $0.50 per share. The total investment for these purchases amounted to approximately $19,819.

These acquisitions have increased Widney's ownership in the company, reflecting a potential confidence in the future of Sacks Parente Golf, Inc. The company, which operates in the manufacturing sector, specializes in sporting and athletic goods.

Investors often monitor insider transactions like these as they can provide insights into an executive's view of the company's prospects. The recent purchases by Widney could be interpreted as a positive signal, suggesting that the director sees value in the stock at its current price.

Sacks Parente Golf, Inc. has not released any official statements regarding these transactions or their implications for the company's strategy or performance. However, the market often views insider purchases as a sign of strong belief in the company's future success by those who know it best.

InvestingPro Insights

The recent insider trading activity by Brett Widney at Sacks Parente Golf, Inc. (OTC:SPGC) has caught the eye of investors looking for signals of confidence from company leadership. Widney's acquisition of nearly 40,000 shares may reflect an optimistic outlook, but what do the numbers say? According to InvestingPro data, SPGC holds a market cap of 7.59 million USD, with a notably high revenue growth rate in the last twelve months as of Q1 2024 at 183.26%. Despite this growth, the company's P/E ratio as of Q1 2024 stands at -1.64, indicating it is not profitable over the last twelve months.

InvestingPro Tips reveal a mixed picture. While SPGC is a niche player in the sporting and athletic goods industry, with liquid assets exceeding short-term obligations, it is also quickly burning through cash and does not pay a dividend to shareholders. The stock has seen a significant return over the last week with a 13.19% price total return, but the price has fallen significantly over the last year by -98.21%. This volatility is consistent with the stock's general trading pattern, which is characterized by high price volatility.

For investors seeking a deeper dive into SPGC and additional insights, InvestingPro offers more tips that could guide investment decisions. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to a comprehensive list of tips, including those not mentioned here. Visit https://www.investing.com/pro/SPGC to explore the full scope of analysis available.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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