NEWTON GOLF announces a $1 million share repurchase authorization to enhance shareholder value and support business growth.
Quiver AI Summary
NEWTON GOLF Company announced a share repurchase authorization of up to $1 million of its common stock, effective January 31, 2025, and valid until January 31, 2026. The repurchases may occur through open market or privately negotiated transactions, depending on market conditions and other considerations. The company's Executive Chairman, Greg Campbell, expressed confidence in the company's growth and the positive impact of its innovative Newton Motion replacement shafts as a reason for the repurchase plan. NEWTON GOLF, which specializes in technology-driven golf products such as putters and golf shafts, is also expanding its manufacturing capabilities and product offerings while maintaining a focus on producing items in the United States. The company aims to enhance its growth potential through various means, including mergers and acquisitions.
Potential Positives
- Approval of a $1 million share repurchase authorization demonstrates confidence in the company's future growth and stability.
- The share buyback program may indicate management's belief that the stock is undervalued, which can positively influence investor sentiment.
- The company cites growing adoption of its innovative product, the Newton Motion replacement shafts, as a key factor supporting this financial decision.
- Expansion plans into golf apparel and complementary product lines highlight the company's commitment to growth and market diversification.
Potential Negatives
- The share repurchase authorization of only $1 million may indicate limited confidence in the company's ability to allocate more significant resources towards buybacks, suggesting potential cash flow constraints or a cautious outlook.
- The statement contains no specific financial targets or conditions that would guarantee significant improvement in the company's performance, raising concerns about its future growth trajectory.
- The possibility that the repurchase program could be extended, suspended, or discontinued at the company's discretion may signal uncertainty in management's confidence about ongoing market conditions and business health.
FAQ
What is the purpose of NEWTON GOLF's share repurchase authorization?
NEWTON GOLF aims to repurchase up to $1 million of its common stock to demonstrate confidence in its business and growth outlook.
When does the share repurchase program expire?
The share repurchase program is effective from January 31, 2025, and will expire on January 31, 2026.
How will NEWTON GOLF repurchase its shares?
The Company may repurchase shares through open market transactions, privately negotiated transactions, or a combination of both.
What factors influence NEWTON GOLF's share repurchase decisions?
The repurchase decisions are influenced by market conditions, business considerations, legal requirements, and other relevant factors.
What products does NEWTON GOLF offer?
NEWTON GOLF offers a variety of products, including putters, golf shafts, golf grips, and accessories designed to enhance golfers' performance.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SPGC Insider Trading Activity
$SPGC insiders have traded $SPGC stock on the open market 13 times in the past 6 months. Of those trades, 13 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $SPGC stock by insiders over the last 6 months:
- BRETT WIDNEY HOGE has made 5 purchases buying 163,000 shares for an estimated $139,360 and 0 sales.
- GREGOR ALASDAIR CAMPBELL (Executive Chairman) has made 8 purchases buying 70,000 shares for an estimated $33,560 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SPGC Hedge Fund Activity
We have seen 1 institutional investors add shares of $SPGC stock to their portfolio, and 4 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- PENBROOK MANAGEMENT LLC added 20,000 shares (+inf%) to their portfolio in Q4 2024, for an estimated $8,398
- GEODE CAPITAL MANAGEMENT, LLC removed 18,085 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $67,818
- CITADEL ADVISORS LLC removed 1,789 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $6,708
- TOWER RESEARCH CAPITAL LLC (TRC) removed 129 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $483
- UBS GROUP AG removed 100 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $375
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
CAMARILLO, CA, Feb. 03, 2025 (GLOBE NEWSWIRE) -- NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, announces that its Board of Directors has approved a share repurchase authorization of up to $1 million of its common stock, effective January 31, 2025 and expiring January 31, 2026. The Company may repurchase the shares in open market transactions, privately negotiated transactions, or a combination thereof. Share repurchases are subject to the Company’s discretion based on market conditions, business considerations, legal requirements, and other factors. There is no guarantee as to the number of shares that will be repurchased, and the repurchase program may be extended, suspended, or discontinued without prior notice at the Company’s discretion.
“Our share repurchase authorization reflects the confidence we have in our business, our outlook for continued growth, and a path to breakeven. Growing adoption of our Newton Motion replacement shafts is a significant factor that provides us the flexibility and discretion to repurchase our common stock,” commented NEWTON GOLF Executive Chairman Greg Campbell.
About NEWTON GOLF: A Sacks Parente Company
NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.
In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.
The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.
For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.
Investor Contact for NEWTON GOLF
CORE IR
516-222-2560
[email protected]