Topgolf Callaway Brands (NYSE:MODG) Stock Price Up 8.4% – Here’s What Happened

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price was up 8.4% during mid-day trading on Wednesday . The company traded as high as $6.07 and last traded at $6.15. Approximately 2,028,512 shares changed hands during trading, a decline of 38% from the average daily volume of 3,250,323 shares. The stock had previously closed at $5.67.

Wall Street Analyst Weigh In

Several brokerages have commented on MODG. Roth Mkm reiterated a “buy” rating and issued a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. JPMorgan Chase & Co. cut their target price on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. The Goldman Sachs Group decreased their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Truist Financial cut their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, Jefferies Financial Group upgraded Topgolf Callaway Brands from a “hold” rating to a “buy” rating and lifted their target price for the stock from $11.00 to $13.00 in a report on Thursday, January 2nd. Two research 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $13.91.

Topgolf Callaway Brands Stock Performance

The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $1.13 billion, a PE ratio of -76.80 and a beta of 1.70. The firm’s fifty day moving average price is $7.62 and its 200 day moving average price is $8.79.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Monday, February 24th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.07. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The firm had revenue of $924.40 million for the quarter, compared to the consensus estimate of $1.13 billion. On average, research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On Topgolf Callaway Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MODG. Vanguard Group Inc. increased its stake in shares of Topgolf Callaway Brands by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company’s stock worth $124,667,000 after purchasing an additional 224,578 shares during the last quarter. Shapiro Capital Management LLC increased its position in Topgolf Callaway Brands by 3.6% during the fourth quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company’s stock worth $82,692,000 after buying an additional 366,192 shares during the last quarter. Geode Capital Management LLC raised its holdings in Topgolf Callaway Brands by 0.7% during the third quarter. Geode Capital Management LLC now owns 3,255,232 shares of the company’s stock valued at $35,749,000 after buying an additional 22,003 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Topgolf Callaway Brands by 14.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock valued at $17,974,000 after buying an additional 291,052 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Topgolf Callaway Brands by 97.6% in the fourth quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company’s stock worth $16,919,000 after buying an additional 1,063,033 shares during the last quarter. Institutional investors own 84.69% of the company’s stock.

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.