Newton Golf (NASDAQ:NWTG) Shares Down 1% – Here’s Why

Newton Golf Company, Inc. (NASDAQ:NWTG) was down 1% during mid-day trading on Thursday . The stock traded as low as $1.0120 and last traded at $1.02. 16,722 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 39,329 shares. The stock had previously closed at $1.03.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Newton Golf in a research report on Monday, June 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

Newton Golf Price Performance

The firm has a market capitalization of $4.68 million, a P/E ratio of -0.57 and a beta of 2.64. The firm has a 50-day moving average price of $1.08 and a two-hundred day moving average price of $1.39.

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

Hedge Funds Weigh In On Newton Golf

Institutional investors have recently modified their holdings of the stock. Virtu Financial LLC bought a new stake in shares of Newton Golf during the third quarter valued at approximately $28,000. DRW Securities LLC purchased a new stake in shares of Newton Golf in the fourth quarter valued at approximately $27,000. Finally, Geode Capital Management LLC grew its stake in Newton Golf by 45.6% in the fourth quarter. Geode Capital Management LLC now owns 41,530 shares of the company’s stock worth $62,000 after purchasing an additional 13,001 shares in the last quarter. 0.49% of the stock is owned by hedge funds and other institutional investors.

Newton Golf Company Profile

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.