Topgolf Callaway Brands (NYSE:MODG) Shares Down 4.2% – What’s Next?

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price dropped 4.2% during trading on Thursday . The stock traded as low as $9.69 and last traded at $9.70. Approximately 414,488 shares were traded during trading, a decline of 83% from the average daily volume of 2,503,181 shares. The stock had previously closed at $10.13.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MODG shares. Roth Mkm reaffirmed a “buy” rating and issued a $17.00 target price on shares of Topgolf Callaway Brands in a research report on Thursday, September 5th. Truist Financial decreased their target price on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Raymond James cut Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. TD Cowen cut their price target on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research note on Tuesday, September 17th. Finally, The Goldman Sachs Group lowered their price objective on 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. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.31.

Topgolf Callaway Brands Stock Down 3.7 %

The company’s 50 day simple moving average is $10.53 and its 200-day simple moving average is $13.56. The company has a current ratio of 1.93, a quick ratio of 1.15 and a debt-to-equity ratio of 0.37. The firm has a market cap of $1.79 billion, a P/E ratio of 27.16, a PEG ratio of 6.42 and a beta of 1.75.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp boosted its stake 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 worth $39,000 after acquiring an additional 1,936 shares during the last quarter. Dnca Finance bought a new stake in Topgolf Callaway Brands during the second quarter valued at about $134,000. Koss Olinger Consulting LLC purchased a new stake in Topgolf Callaway Brands in the second quarter worth about $160,000. Simon Quick Advisors LLC bought a new position in shares of Topgolf Callaway Brands in the second quarter worth about $161,000. Finally, QRG Capital Management Inc. bought a new position in shares of Topgolf Callaway Brands in the first quarter worth about $178,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

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.