After surging 624% Tuesday upon making their IPO debut, shares of Sacks Parente Golf finished the week well below their initial public offering price of $4.
After surging 624% Tuesday upon making their public debut, shares of Sacks Parente Golf Inc. SPGC, -20.32% finished the week solidly below their initial public offering price of $4.
Shares closed Tuesday at $28.97, after touching as high as $30 in that session. They then gave back most of that rally with an 85% plunge Wednesday, and by Thursday had already tumbled below the IPO price. Sacks Parente Golf’s stock melted further Friday to end the week at $2.51. The stock’s quick implosion serves as a cautionary tale about investments in tiny companies with unspectacular business models, by most analyst accounts, whose shares are caught up in meme-like activity.
Sacks Parente Golf, which makes putting instruments, golf shafts and grips, saw its 2022 revenue edge down to $190,000 from $200,000 a year earlier, all while losses swelled to $3.5 million from $302,000. The Camarillo, Calif.-based company closed out the week with a valuation of just $34.7 million. It’s unclear what drove the frenzied interest in Sacks Parente’s stock on its first day as a public company. The trading action comes during a period when small names like T2 Biosystems Inc. TTOO, +23.54%, Genius Group Ltd. GNS, +19.19% and Ebet Inc. EBET, +10.94% have seen their stocks take large — though admittedly a bit less eye-popping — swings on a daily basis, with no apparent news driving the moves.
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