Sacks Parente Golf's stock slides 30% premarket after more than 600% gain in in its trading debut Tuesday
Sacks Parente Golf Inc.'s stock (SPGC) slid 30% in premarket trade Wednesday, after closing up 624% Tuesday in its trading debut on Nasdaq. The golf equipment maker went public at $4 a share after upsizing its deal at pricing and closed at $29.87. The loss-making company is the first golf IPO since 2016 when Acushnet Holdings Corp. (GOLF) parent of the Titleist brand, came to market. It's the latest consumer company to enjoy strong gains in its trading debut, after Cava Group Inc. , the Mediterranean-style fast-casual restaurant chain that opened up 90.9% on its first day of trade in June, and Oddity Tech Ltd., parent of the Il Makiage online beauty and wellness range, that soared 38% out of the gate in its debut in July. There have been 66 IPOs priced so far this year, which is up 29% from last year, but way below the headier days in the preceding years, according to Renaissance Capital, a provider of IPO exchange-traded funds and institutional research. The Renaissance IPO ETF (IPO) has gained 29.85 in the year to date, while the S&P 500 has gained 16.%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-16-23 0624ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?