Prentice Capital Management LP Invests $2.51 Million in Topgolf Callaway Brands Corp. (NYSE:MODG)

Prentice Capital Management LP purchased a new stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 319,379 shares of the company's stock, valued at approximately $2,510,000. Topgolf Callaway Brands comprises approximately 4.3% of Prentice Capital Management LP's investment portfolio, making the stock its 8th biggest position. Prentice Capital Management LP owned 0.17% of Topgolf Callaway Brands at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Tidal Investments LLC boosted its holdings in Topgolf Callaway Brands by 35.7% during 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 in the last quarter. Crossmark Global Holdings Inc. raised its position in shares of Topgolf Callaway Brands by 7.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 37,329 shares of the company's stock worth $293,000 after acquiring an additional 2,712 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Topgolf Callaway Brands during the 4th quarter worth about $433,000. Requisite Capital Management LLC purchased a new stake in shares of Topgolf Callaway Brands during the 4th quarter worth about $2,426,000. Finally, KBC Group NV grew its position in shares of Topgolf Callaway Brands by 81.8% during the 4th quarter. KBC Group NV now owns 8,330 shares of the company's stock valued at $65,000 after acquiring an additional 3,749 shares during the period. 84.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on MODG. JPMorgan Chase & Co. reduced their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, January 23rd. Roth Mkm restated a "buy" rating and issued a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. B. Riley initiated coverage on Topgolf Callaway Brands in a research report on Friday. They set a "neutral" rating and a $7.00 target price on the stock. Finally, Truist Financial dropped 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. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $10.50.

Topgolf Callaway Brands Price Performance

Shares of MODG traded up $0.32 during trading hours on Tuesday, hitting $6.89. 1,046,444 shares of the stock were exchanged, compared to its average volume of 3,064,617. The stock's 50-day moving average price is $6.53 and its two-hundred day moving average price is $7.46. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $16.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The company has a market cap of $1.27 billion, a price-to-earnings ratio of -86.05 and a beta of 1.25.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the previous year, the company posted $0.08 EPS. The firm's quarterly revenue was down 4.5% on a year-over-year basis. Research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Russell L. Fleischer purchased 30,000 shares of the company's stock in a transaction dated Wednesday, May 14th. The stock was acquired at an average cost of $6.41 per share, for a total transaction of $192,300.00. Following the completion of the transaction, the director now directly owns 116,187 shares of the company's stock, valued at approximately $744,758.67. This trade represents a 34.81% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Glenn F. Hickey purchased 10,000 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was bought at an average cost of $6.86 per share, with a total value of $68,600.00. Following the acquisition, the executive vice president now owns 10,000 shares of the company's stock, valued at approximately $68,600. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 60,000 shares of company stock worth $388,900. 2.40% of the stock is owned by insiders.

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.