Topgolf Callaway Brands (NYSE:MODG) Now Covered by Analysts at UBS Group

Key Points

• UBS Group has initiated coverage on Topgolf Callaway Brands, assigning a "neutral" rating and a price target of $10.00, indicating an upside potential of 8.46% from its current stock price.
• Topgolf Callaway Brands reported quarterly earnings of $0.24 EPS, exceeding the consensus estimate of $0.03, although revenue fell by 4.1% year-over-year.
• Recent insider trading activity includes CEO Artie Starrs selling over 106,000 shares, marking a more than 50% reduction in his stake, amid a 52-week stock price fluctuation between $5.42 and $11.09.

UBS Group started coverage on shares of Topgolf Callaway Brands (NYSE:MODG - Get Free Report) in a report released on Friday,Briefing.com Automated Import reports. The firm set a "neutral" rating and a $10.00 price target on the stock. UBS Group's price target points to a potential upside of 8.46% from the company's current price.

MODG has been the subject of a number of other research reports. B. Riley reaffirmed a "neutral" rating and set a $9.50 target price (up previously from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Zacks Research upgraded shares of Topgolf Callaway Brands from a "hold" rating to a "strong-buy" rating in a report on Monday, October 6th. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Cfra restated a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Topgolf Callaway Brands in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $9.78.

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock opened at $9.22 on Friday. The company's 50 day moving average price is $9.37 and its two-hundred day moving average price is $8.17. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.70 billion, a P/E ratio of -1.13 and a beta of 1.24. Topgolf Callaway Brands has a 52 week low of $5.42 and a 52 week high of $11.09.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.03 by $0.21. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The company's revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities analysts predict that Topgolf Callaway Brands will post 0.16 earnings per share for the current year.

Insider Buying and Selling

In other Topgolf Callaway Brands news, CEO Artie Starrs sold 106,734 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total transaction of $922,181.76. Following the sale, the chief executive officer directly owned 105,823 shares of the company's stock, valued at approximately $914,310.72. This trade represents a 50.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction on Friday, August 8th. The shares were sold at an average price of $9.25, for a total transaction of $237,762.00. Following the completion of the transaction, the director directly owned 20,607 shares of the company's stock, valued at $190,614.75. The trade was a 55.50% decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Topgolf Callaway Brands

Hedge funds have recently modified their holdings of the company. Marshall Wace LLP raised its holdings in Topgolf Callaway Brands by 10,113.7% in the 2nd quarter. Marshall Wace LLP now owns 4,691,786 shares of the company's stock valued at $37,769,000 after buying an additional 4,645,850 shares during the period. Hill Path Capital LP acquired a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at $37,722,000. Long Focus Capital Management LLC boosted its position in shares of Topgolf Callaway Brands by 44.8% during the 1st quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company's stock worth $19,446,000 after acquiring an additional 912,844 shares in the last quarter. Alliancebernstein L.P. lifted its position in Topgolf Callaway Brands by 7.5% in the second quarter. Alliancebernstein L.P. now owns 2,814,292 shares of the company's stock valued at $22,655,000 after acquiring an additional 195,684 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its position in Topgolf Callaway Brands by 36.7% during the second quarter. Balyasny Asset Management L.P. now owns 2,528,734 shares of the company's stock worth $20,356,000 after buying an additional 678,822 shares during the period. Hedge funds and other institutional investors own 84.69% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.