CAMARILLO, Calif.—Campbell Gregor Alasdair, the Executive Chairman of Sacks Parente Golf, Inc. (NASDAQ:SPGC), recently acquired additional shares of the company's common stock. According to a recent SEC filing, Alasdair purchased a total of 4,000 shares on November 21, 2024. The transactions occurred at prices ranging from $1.60 to $1.64 per share, resulting in a total investment of $6,440.
Following these acquisitions, Alasdair's direct ownership in the company has increased to 37,337 shares. These purchases reflect Alasdair's ongoing commitment to the company as both a director and an officer.
In other recent news, Newton Golf, known for its innovative golf equipment, has expanded its reach with the launch of its Newton Motion shafts in Japan. Available at 50 of the largest golf retailers and through GDO, Japan's leading e-commerce platform, these shafts are designed to enhance performance for golf enthusiasts and professional players alike. This move is a part of Newton Golf's strategic expansion, aiming to manufacture and assemble most of its products in the United States while also exploring growth into golf apparel and other related product lines.
In leadership changes, Newton Golf has appointed Doug Samuelson as its new Chief Financial Officer, following the resignation of former CFO Steve Handy. Samuelson's appointment is expected to contribute to the company's continued revenue growth. Concurrently, Gregor Campbell has been confirmed as the Executive Chairman of Sacks Parente Golf, Inc., the parent company of Newton Golf.
In other strategic moves, Sacks Parente Golf, Inc. has regained compliance with Nasdaq's minimum bid price requirement through a 1-for-10 reverse stock split. The company is actively interviewing potential candidates to replace Handy, ensuring a smooth transition. These are recent developments in the company's journey, reflecting their commitment to maintaining their listing on a major stock exchange and providing value to its shareholders, while also strengthening its executive team.
InvestingPro Insights
In light of Campbell Gregor Alasdair's recent share acquisition, it's worth examining some key financial metrics and insights from InvestingPro to provide context for this insider purchase.
According to InvestingPro data, Sacks Parente Golf, Inc. (NASDAQ:SPGC) currently has a market capitalization of $2.94 million USD. The company's stock is trading near its 52-week low, with a price of $1.61 as of the previous close. This aligns with Alasdair's purchase price range of $1.60 to $1.64 per share, suggesting he may see value at these levels.
InvestingPro Tips highlight that SPGC holds more cash than debt on its balance sheet, which could be seen as a positive factor in the current economic environment. Additionally, the company boasts impressive gross profit margins, with the latest data showing a gross profit margin of 61.18% for the last twelve months as of Q3 2024.
However, investors should note that SPGC is currently not profitable, with a negative P/E ratio of -0.56 for the last twelve months as of Q3 2024. The company has also experienced significant price declines, with a one-year price total return of -75.0% as of the latest data.
For those interested in a more comprehensive analysis, InvestingPro offers 17 additional tips for SPGC, providing a deeper understanding of the company's financial health and market position.
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