Topgolf Callaway Brands (NYSE:MODG) Stock Price Up 4.3% – Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on MODG. JPMorgan Chase & Co. reduced their target price on Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Jefferies Financial Group cut shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and reduced their price objective for the company from $40.00 to $12.00 in a research note on Thursday, August 29th. Roth Mkm reissued a “buy” rating and set a $16.00 price objective (down previously from $17.00) on shares of Topgolf Callaway Brands in a report on Thursday, November 14th. TD Cowen dropped their target price on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a report on Tuesday, September 17th. Finally, B. Riley downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and reduced their price target for the company from $18.00 to $12.00 in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.92.

Topgolf Callaway Brands Stock Up 0.4 %

The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -97.49, a P/E/G ratio of 5.62 and a beta of 1.70. 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 firm’s fifty day moving average is $8.91 and its two-hundred day moving average is $11.39.

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of institutional investors and hedge funds have recently modified their holdings of MODG. Tidal Investments LLC boosted its holdings in shares of Topgolf Callaway Brands by 35.7% in the third quarter. Tidal Investments LLC now owns 22,302 shares of the company’s stock worth $245,000 after buying an additional 5,862 shares during the period. Boyar Asset Management Inc. boosted its stake in Topgolf Callaway Brands by 17.5% in the 3rd quarter. Boyar Asset Management Inc. now owns 104,540 shares of the company’s stock worth $1,148,000 after purchasing an additional 15,532 shares during the period. Geode Capital Management LLC grew its position in Topgolf Callaway Brands by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,255,232 shares of the company’s stock worth $35,749,000 after purchasing an additional 22,003 shares in the last quarter. MML Investors Services LLC raised its stake in Topgolf Callaway Brands by 25.3% during the 3rd quarter. MML Investors Services LLC now owns 93,897 shares of the company’s stock valued at $1,031,000 after purchasing an additional 18,988 shares during the period. Finally, Portolan Capital Management LLC purchased a new stake in shares of Topgolf Callaway Brands in the third quarter valued at $3,862,000. 84.69% of the stock is owned by institutional investors and hedge funds.

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.