Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up Following Analyst Upgrade

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price gapped up before the market opened on Thursday after Bank of America raised their price target on the stock from $13.00 to $14.00. The stock had previously closed at $10.76, but opened at $11.39. Bank of America currently has a neutral rating on the stock. Topgolf Callaway Brands shares last traded at $10.90, with a volume of 1,211,321 shares traded.

MODG has been the subject of a number of other reports. The Goldman Sachs Group reduced their price objective on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Raymond James downgraded shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. Truist Financial lowered their price objective on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Morgan Stanley reduced their target price on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. Finally, KeyCorp downgraded Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $16.38.

Institutional Trading of Topgolf Callaway Brands

A number of institutional investors have recently added to or reduced their stakes in MODG. Fifth Third Bancorp raised its holdings in shares of Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock valued at $39,000 after purchasing an additional 1,936 shares in the last quarter. JFS Wealth Advisors LLC raised its holdings in Topgolf Callaway Brands by 6,063.5% during the fourth quarter. JFS Wealth Advisors LLC now owns 4,561 shares of the company’s stock valued at $65,000 after buying an additional 4,487 shares in the last quarter. Dnca Finance acquired a new stake in shares of Topgolf Callaway Brands in the second quarter worth about $134,000. Caas Capital Management LP bought a new stake in shares of Topgolf Callaway Brands during the 4th quarter worth about $148,000. Finally, Koss Olinger Consulting LLC acquired a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $160,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Price Performance

The stock has a 50 day moving average of $13.31 and a two-hundred day moving average of $14.60. 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 has a market capitalization of $1.87 billion, a P/E ratio of 27.57, a P/E/G ratio of 6.62 and a beta of 1.74.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 earnings per share. Sell-side analysts predict that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current fiscal year.

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.