Topgolf Callaway Brands (NYSE:MODG) Stock Price Down 4.7% – What’s Next?

Topgolf Callaway Brands Corp. (NYSE:MODG) shares were down 4.7% on Monday . The stock traded as low as $6.65 and last traded at $6.67. Approximately 647,966 shares changed hands during trading, a decline of 79% from the average daily volume of 3,065,610 shares. The stock had previously closed at $7.00.

Analyst Ratings Changes

A number of research analysts recently weighed in on MODG shares. Truist Financial decreased their price target on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. lowered their price target 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. B. Riley assumed coverage on Topgolf Callaway Brands in a research report on Friday. They set a “neutral” rating and a $7.00 price target for the company. Finally, Roth Mkm restated a “buy” rating and issued a $11.00 price objective (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Topgolf Callaway Brands has an average rating of “Hold” and a consensus target price of $10.50.

Topgolf Callaway Brands Trading Down 6.0%

The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average is $6.52 and its 200-day moving average is $7.48. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -82.24 and a beta of 1.25.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the firm earned $0.08 EPS. The business’s revenue was down 4.5% compared to the same quarter last year. Research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Insider Activity at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III acquired 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average price of $6.40 per share, for a total transaction of $128,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,009,297 shares of the company’s stock, valued at approximately $6,459,500.80. This trade represents a 2.02% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Russell L. Fleischer purchased 30,000 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was acquired at an average cost of $6.41 per share, with a total value of $192,300.00. Following the transaction, the director now directly owns 116,187 shares in the company, valued at $744,758.67. This trade represents a 34.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of hedge funds have recently bought and sold shares of MODG. Alliancebernstein L.P. raised its stake in Topgolf Callaway Brands by 97.6% in the fourth quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company’s stock valued at $16,919,000 after buying an additional 1,063,033 shares in the last quarter. Long Focus Capital Management LLC lifted its stake in Topgolf Callaway Brands by 44.8% during the first quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company’s stock worth $19,446,000 after purchasing an additional 912,844 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Topgolf Callaway Brands by 57.8% in the fourth quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company’s stock valued at $16,401,000 after purchasing an additional 764,322 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in Topgolf Callaway Brands in the fourth quarter valued at approximately $4,769,000. Finally, Claar Advisors LLC acquired a new stake in Topgolf Callaway Brands during the fourth quarter worth approximately $4,716,000. 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.