Topgolf Callaway Brands (NYSE:MODG) Reaches New 52-Week Low – Here’s What Happened

Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) reached a new 52-week low on Tuesday . The company traded as low as $7.16 and last traded at $7.25, with a volume of 122508 shares trading hands. The stock had previously closed at $7.30.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. JPMorgan Chase & Co. reduced their price objective on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. Jefferies Financial Group upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and upped their price target for the stock from $11.00 to $13.00 in a research report on Thursday, January 2nd. Roth Mkm restated a “buy” rating and issued a $16.00 price objective (down previously from $17.00) on shares of Topgolf Callaway Brands in a research report on Thursday, November 14th. The Goldman Sachs Group dropped their target price on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Finally, Truist Financial decreased their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.67.

Topgolf Callaway Brands Stock Performance

The stock’s 50 day moving average is $8.07 and its two-hundred day moving average is $9.64. The firm has a market capitalization of $1.34 billion, a P/E ratio of -90.99 and a beta of 1.70. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14.

Institutional Trading of Topgolf Callaway Brands

Several institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its stake in shares of Topgolf Callaway Brands by 8.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock worth $21,912,000 after purchasing an additional 148,451 shares during the period. Thompson Investment Management Inc. boosted its holdings in Topgolf Callaway Brands by 11.1% during the fourth quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company’s stock worth $2,848,000 after buying an additional 36,201 shares during the last quarter. PDT Partners LLC acquired a new position in shares of Topgolf Callaway Brands during the 3rd quarter worth about $1,934,000. Harbor Capital Advisors Inc. increased its stake in shares of Topgolf Callaway Brands by 115.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock valued at $18,059,000 after acquiring an additional 881,535 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Topgolf Callaway Brands in the 3rd quarter valued at approximately $3,396,000. Institutional investors own 84.69% of the company’s stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands Corp. designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology; and World Golf Tour digital golf game.