Topgolf Callaway Brands Corp. (NYSE:MODG) Receives $10.30 Average Price Target from Analysts

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) has been assigned an average rating of "Hold" from the twelve research firms that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $10.18.

A number of brokerages have issued reports on MODG. B. Riley began coverage on shares of Topgolf Callaway Brands in a report on Friday, May 16th. They issued a "neutral" rating and a $7.00 target price on the stock. Wall Street Zen cut shares of Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. JPMorgan Chase & Co. cut their target price on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. Truist Financial cut their target price on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Cfra reaffirmed a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday.

Topgolf Callaway Brands Stock Performance

NYSE MODG traded down $0.22 during trading hours on Thursday, reaching $8.88. The company's stock had a trading volume of 3,534,374 shares, compared to its average volume of 2,875,807. The company has a current ratio of 2.12, a quick ratio of 1.41 and a debt-to-equity ratio of 0.60. The business has a 50-day simple moving average of $7.49 and a 200 day simple moving average of $7.24. Topgolf Callaway Brands has a 52 week low of $5.42 and a 52 week high of $16.89. The stock has a market cap of $1.63 billion, a PE ratio of -1.12 and a beta of 1.27.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a negative net margin of 34.68% and a positive return on equity of 1.51%. The firm had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter last year, the company posted $0.08 earnings per share. Topgolf Callaway Brands's revenue was down 4.5% on a year-over-year basis. Equities research analysts predict that Topgolf Callaway Brands will post 0.16 earnings per share for the current fiscal year.

Insider Activity at Topgolf Callaway Brands

In related news, Director Russell L. Fleischer acquired 30,000 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were acquired at an average price of $6.41 per share, for a total transaction of $192,300.00. Following the completion of the purchase, the director directly owned 116,187 shares of the company's stock, valued at $744,758.67. The trade was a 34.81% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Adebayo O. Ogunlesi acquired 384,731 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average price of $6.48 per share, for a total transaction of $2,493,056.88. Following the purchase, the director directly owned 768,432 shares of the company's stock, valued at approximately $4,979,439.36. This trade represents a 100.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 905,284 shares of company stock worth $5,922,500 over the last ninety days. Insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MODG. Charles Schwab Investment Management Inc. increased its stake in shares of Topgolf Callaway Brands by 14.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company's stock valued at $17,974,000 after acquiring an additional 291,052 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Topgolf Callaway Brands by 31.1% in the fourth quarter. Victory Capital Management Inc. now owns 158,327 shares of the company's stock valued at $1,244,000 after buying an additional 37,600 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Topgolf Callaway Brands in the fourth quarter valued at $380,000. PNC Financial Services Group Inc. increased its holdings in shares of Topgolf Callaway Brands by 170.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,757 shares of the company's stock valued at $108,000 after buying an additional 8,672 shares in the last quarter. Finally, Wealthfront Advisers LLC increased its holdings in shares of Topgolf Callaway Brands by 589.5% in the fourth quarter. Wealthfront Advisers LLC now owns 85,807 shares of the company's stock valued at $674,000 after buying an additional 73,362 shares in the last quarter. Institutional investors and hedge funds 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.