Newton Golf (NASDAQ:NWTG) Trading Down 8.8% – Here’s What Happened

Newton Golf Company, Inc. (NASDAQ:NWTG)’s stock price dropped 8.8% on Monday . The company traded as low as $1.13 and last traded at $1.14. 10,694 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 28,745 shares. The stock had previously closed at $1.25.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Newton Golf in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of “Sell”.

Newton Golf Price Performance

The business has a fifty day simple moving average of $1.01 and a two-hundred day simple moving average of $1.25. The company has a market cap of $5.23 million, a PE ratio of -0.64 and a beta of 2.46.

Newton Golf (NASDAQ:NWTG) last announced its earnings results on Thursday, May 14th. The company reported ($0.58) earnings per share (EPS) for the quarter. Newton Golf had a negative net margin of 103.02% and a negative return on equity of 476.84%. The company had revenue of $0.99 million for the quarter. On average, equities research analysts predict that Newton Golf Company, Inc. will post -0.48 EPS for the current year.

Hedge Funds Weigh In On Newton Golf

Several institutional investors and hedge funds have recently added to or reduced their stakes in NWTG. DRW Securities LLC purchased a new position in Newton Golf in the fourth quarter valued at about $27,000. Virtu Financial LLC purchased a new stake in shares of Newton Golf during the third quarter valued at about $28,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Newton Golf by 45.6% in the 4th quarter. Geode Capital Management LLC now owns 41,530 shares of the company’s stock valued at $62,000 after buying an additional 13,001 shares in the last quarter. Hedge funds and other institutional investors own 0.49% of the company’s stock.

About Newton Golf

Sacks Parente Golf, Inc (“SPG”) is a technology-forward golf company, with a growing portfolio of golf products, including putting instruments, golf shafts, golf grips, and other golf-related products. In April 2022, in consideration of our growth opportunities in shaft technologies, we expanded our manufacturing business to include advanced premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. We intend to manufacture and assemble substantially all products in the United States.