Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up to $10.76

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $10.76, but opened at $11.39. Topgolf Callaway Brands shares last traded at $10.90, with a volume of 1,211,321 shares traded.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MODG shares. The Goldman Sachs Group dropped their price objective on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Morgan Stanley decreased their target price on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, August 8th. Raymond James downgraded shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. Jefferies Financial Group downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and decreased their price objective for the company from $40.00 to $12.00 in a research report on Thursday, August 29th. Finally, Truist Financial decreased their price objective on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $16.31.

Topgolf Callaway Brands Stock Down 1.3 %

The firm has a market cap of $1.95 billion, a P/E ratio of 28.65, a P/E/G ratio of 6.62 and a beta of 1.77. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. The firm’s fifty day moving average is $13.51 and its 200 day moving average is $14.67.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.14. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The business’s revenue was down 1.9% on a year-over-year basis. As a group, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current fiscal year.

Institutional Trading of Topgolf Callaway Brands

Hedge funds and other institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC raised its position in shares of Topgolf Callaway Brands by 1,251.3% in the 4th quarter. International Assets Investment Management LLC now owns 23,216 shares of the company’s stock valued at $333,000 after buying an additional 21,498 shares in the last quarter. New York State Common Retirement Fund increased its position in Topgolf Callaway Brands by 0.9% during the 4th quarter. New York State Common Retirement Fund now owns 166,700 shares of the company’s stock worth $2,390,000 after purchasing an additional 1,406 shares in the last quarter. Truist Financial Corp acquired a new position in Topgolf Callaway Brands during the 4th quarter worth approximately $254,000. Victory Capital Management Inc. increased its position in Topgolf Callaway Brands by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 363,699 shares of the company’s stock worth $5,215,000 after purchasing an additional 2,834 shares in the last quarter. Finally, Maryland State Retirement & Pension System acquired a new position in Topgolf Callaway Brands during the 4th quarter worth approximately $740,000. Institutional investors and hedge funds 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.