Topgolf Callaway Brands Corp. (NYSE:MODG) Sees Significant Growth in Short Interest

Topgolf Callaway Brands Corp. (NYSE:MODG) saw a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 19,060,000 shares, a growth of 24.8% from the June 30th total of 15,270,000 shares. Approximately 13.6% of the company’s stock are sold short. Based on an average daily volume of 1,770,000 shares, the short-interest ratio is currently 10.8 days.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG traded up $0.28 during midday trading on Tuesday, hitting $16.57. 49,012 shares of the stock were exchanged, compared to its average volume of 2,197,496. The stock has a market cap of $3.04 billion, a P/E ratio of 44.03, a PEG ratio of 2.63 and a beta of 1.77. The company has a current ratio of 1.82, a quick ratio of 1.02 and a debt-to-equity ratio of 0.39. Topgolf Callaway Brands has a twelve month low of $9.84 and a twelve month high of $19.99. The company has a 50 day moving average price of $15.20 and a 200-day moving average price of $15.01.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.16 billion. Topgolf Callaway Brands had a return on equity of 1.93% and a net margin of 1.80%. The business’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.17 EPS. On average, research analysts forecast that Topgolf Callaway Brands will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Topgolf Callaway Brands

In other news, Director Erik J. Anderson sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $15.19, for a total transaction of $151,900.00. Following the transaction, the director now directly owns 767,959 shares in the company, valued at $11,665,297.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Erik J. Anderson sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $15.37, for a total transaction of $115,275.00. Following the transaction, the director now directly owns 760,459 shares in the company, valued at $11,688,254.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Erik J. Anderson sold 10,000 shares of Topgolf Callaway Brands stock in a transaction on Friday, May 10th. The shares were sold at an average price of $15.19, for a total transaction of $151,900.00. Following the completion of the transaction, the director now owns 767,959 shares in the company, valued at $11,665,297.21. The disclosure for this sale can be found here. 2.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MODG. UniSuper Management Pty Ltd purchased a new stake in Topgolf Callaway Brands in the 1st quarter valued at about $643,000. Vanguard Group Inc. grew its holdings in Topgolf Callaway Brands by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 13,557,515 shares of the company’s stock valued at $187,636,000 after buying an additional 116,267 shares during the period. Louisiana State Employees Retirement System purchased a new stake in Topgolf Callaway Brands in the 4th quarter valued at about $1,020,000. State of Alaska Department of Revenue grew its holdings in Topgolf Callaway Brands by 422.9% in the 4th quarter. State of Alaska Department of Revenue now owns 87,406 shares of the company’s stock valued at $1,253,000 after buying an additional 70,689 shares during the period. Finally, Polen Capital Management LLC purchased a new stake in Topgolf Callaway Brands in the 4th quarter valued at about $1,874,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MODG. Tigress Financial reiterated a “buy” rating and issued a $38.00 price objective on shares of Topgolf Callaway Brands in a research report on Friday, April 12th. B. Riley lifted their price objective on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. TD Cowen lifted their price objective on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the company a “hold” rating in a research report on Monday, May 13th. Finally, Truist Financial lifted their price objective on shares of Topgolf Callaway Brands from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $19.33.

Topgolf Callaway Brands Company Profile

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.