Topgolf Callaway Brands (NYSE:MODG) Stock Price Up 3.6% – Here’s Why

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price rose 3.6% during mid-day trading on Thursday . The stock traded as high as $6.75 and last traded at $6.72. Approximately 422,374 shares were traded during trading, a decline of 83% from the average daily volume of 2,533,512 shares. The stock had previously closed at $6.48.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MODG shares. Jefferies Financial Group raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating and raised their price objective for the company from $11.00 to $13.00 in a report on Thursday, January 2nd. Roth Mkm restated a “buy” rating and issued a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Truist Financial dropped their price objective on 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. Finally, JPMorgan Chase & Co. lowered their target price on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, January 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $13.91.

Topgolf Callaway Brands Stock Performance

The business has a 50 day moving average of $7.24 and a 200-day moving average of $8.58. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The company has a market capitalization of $1.24 billion, a P/E ratio of -84.44 and a beta of 1.70.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.07. The company had revenue of $924.40 million during the quarter, compared to analyst estimates of $1.13 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. On average, sell-side analysts predict that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Institutional Trading of Topgolf Callaway Brands

A number of institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its holdings in Topgolf Callaway Brands by 8.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock valued at $21,912,000 after buying an additional 148,451 shares during the last quarter. Thompson Investment Management Inc. increased its stake in shares of Topgolf Callaway Brands by 11.1% during the fourth quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company’s stock valued at $2,848,000 after buying an additional 36,201 shares during the period. Wealthfront Advisers LLC lifted its stake in Topgolf Callaway Brands by 589.5% in the fourth quarter. Wealthfront Advisers LLC now owns 85,807 shares of the company’s stock worth $674,000 after acquiring an additional 73,362 shares during the period. PDT Partners LLC purchased a new stake in shares of Topgolf Callaway Brands in the 3rd quarter worth about $1,934,000. Finally, Requisite Capital Management LLC bought a new stake in shares of Topgolf Callaway Brands during the 4th quarter valued at about $2,426,000. Hedge funds and other 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.