Maker of $400 Golf Putter Tumbles After Surging 624% in Stock Debut
- Sacks Parente’s valuation is high compared to golf peers
- Slide wipes out almost all the gains seen on first trading day
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Sacks Parente Golf Inc.’s shares plummeted 85% Wednesday, erasing almost all of the big first-day gains that made it the strongest US stock-market debut of 2023.
Shares of the company, which makes golf equipment including $400 putters, closed at $4.47 Wednesday. That eliminated most of the Tuesday rally that pushed the stock up 624% from the $4 initial offering price.