$400 Putter Maker Becomes Hottest IPO of 2023, Up 624%, But Then Something Happened – Topgolf Callaway Brands (NYSE:MODG) Fires Parente Golf (NASDAQ:SPGC)

Aug 16, 2023 6:43 p.m | 1 minute read

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Sacks Parente Golf, Inc. (NASDAQ:SPGC) went public Tuesday at $4 a share. The stock closed Tuesday at around $26 per share, up more than 600%, making it the hottest IPO of 2023.

According to a Bloomberg article, Sacks Parente’s stock was halted 19 times on Tuesday due to volatility.

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But on Wednesday, a financial version of a triple bogeyman struck. The stock fell more than 80% to close at $4.54.

Sacks Parente is a relatively small company in terms of IPOs, with a market share of around $60 million. Cava Group, Inc. (NYSE:CAVA), which went public in June, has a market cap of more than $5 billion.

Sacks Parente makes luxury putters that cost up to $400, with some as high as $500. Scottie Cameron, which is owned by Acushnet Holdings Corp (NYSE:GOLF) and Oddessy under the Topgolf Callaway Brands Corp (NYSE:MODG) also make putters that cost hundreds of dollars.

According to the SEC, Sacks Parente had less than $200,000 in sales and has not yet turned a profit. But that didn’t stop speculative investors from jumping in on Tuesday and buying the small free float stock.

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It’s been a mixed picture for golf stocks in 2023: Aschunet (also the parent company of Titleist and Footjoy) is up more than 25%, while Topgolf Callaway stock is down about 16% year over year.

Continue reading: The billion dollar bettor: Phil Mickelson’s alleged lifetime gambling reaches staggering heights

Photo: Shutterstock

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