$400 Putter Maker Becomes 2023's Hottest IPO With 624% Gain, But Then Something Happened
Portfolio Pulse from Aaron Bry
Sacks Parente Golf, Inc. (NASDAQ:SPGC) went public at $4 a share and closed Tuesday trading at around $26 a share, marking a 600% gain. However, the stock dropped more than 80% on Wednesday, closing at $4.54. The company, which makes luxury putters, has yet to turn a profit. Other golf stocks have had mixed performance in 2023, with Acushnet Holdings Corp (NYSE:GOLF) up more than 25% and Topgolf Callaway Brands Corp (NYSE:MODG) down about 16% on the year.
August 16, 2023 | 10:43 pm
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NEGATIVE IMPACT
Topgolf Callaway Brands Corp's stock is down about 16% on the year.
The company's stock has not performed well this year, which could indicate a negative trend for the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Sacks Parente Golf's stock saw a significant gain after its IPO but then dropped dramatically. The company has yet to turn a profit.
The company's stock experienced a significant gain after its IPO, but then dropped dramatically. This volatility, combined with the fact that the company has yet to turn a profit, could negatively impact the stock's performance in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Acushnet Holdings Corp's stock is up more than 25% on the year.
The company's stock has performed well this year, which could indicate a positive trend for the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50