Topgolf Callaway Brands (NYSE:MODG) Trading Up 4.3% – Should You Buy?

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price shot up 4.3% on Monday . The stock traded as high as $7.79 and last traded at $7.77. 1,003,036 shares changed hands during trading, a decline of 60% from the average session volume of 2,498,585 shares. The stock had previously closed at $7.45.

Analyst Upgrades and Downgrades

MODG has been the topic of several research analyst reports. Jefferies Financial Group cut Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $40.00 to $12.00 in a research note on Thursday, August 29th. Roth Mkm restated a “buy” rating and set a $16.00 price target (down previously from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. Bank of America lowered their price objective on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. TD Cowen lowered their price target on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a research report on Tuesday, September 17th. Finally, Truist Financial cut their price objective on shares of Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Topgolf Callaway Brands currently has a consensus rating of “Hold” and an average target price of $14.92.

Topgolf Callaway Brands Price Performance

The stock’s 50 day moving average is $8.91 and its two-hundred day moving average is $11.39. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The stock has a market capitalization of $1.43 billion, a PE ratio of -97.49, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MODG. Fifth Third Bancorp boosted its stake in shares of Topgolf Callaway Brands by 327.6% during the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after buying an additional 1,936 shares during the period. Louisiana State Employees Retirement System grew its stake in shares of Topgolf Callaway Brands by 1.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock valued at $1,088,000 after purchasing an additional 700 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Topgolf Callaway Brands in the second quarter valued at approximately $291,000. Crossmark Global Holdings Inc. raised its stake in shares of Topgolf Callaway Brands by 28.2% during the second quarter. Crossmark Global Holdings Inc. now owns 15,458 shares of the company’s stock worth $236,000 after purchasing an additional 3,396 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Topgolf Callaway Brands by 0.4% during the second quarter. Rhumbline Advisers now owns 462,111 shares of the company’s stock worth $7,070,000 after purchasing an additional 1,962 shares during the period. 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.