Sacks Parente Golf, Inc. (NASDAQ:SPGC) went public on Tuesday at $4 a share. The stock closed Tuesday trading at around $26 a share, good for a more than 600% gain, which made it 2023’s hottest IPO of the year.

Sacks Parente’s stock was halted 19 times for volatility on Tuesday, according to a Bloomberg article.

But Wednesday was when a financial version of a triple bogey happened. The stock dropped more than 80%, closing at $4.54.

Sacks Parente is a relatively small company in terms of IPOs with a market share of around $60 million. Cava Group, Inc. (NYSE:CAVA), which went public in June, has a market cap of more than $5 billion.

Sacks Parente makes luxury putters that cost as much as $400 with some closer to $500. Scottie Cameron, which is owned by Acushnet Holdings Corp (NYSE:GOLF), as well as Odyssey under the Topgolf Callaway Brands Corp (NYSE:MODG), also make putters that cost hundreds of dollars. 

Sacks Parente made less than $200,000 in sales according to the SEC, and has yet to turn a profit. But, that didn’t deter speculative investors from coming in and buying the low-float stock on Tuesday. 

It’s been a mixed bag for golf stocks in 2023, with Acushnet (also the parent company of Titleist and Footjoy) was up more than 25%, while Topgolf Callaway’s stock is down about 16% on the year. 

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