Topgolf Callaway Brands (NYSE:MODG) Rating Increased to Hold at Wall Street Zen

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

Other equities research analysts also recently issued reports about the company. B. Riley assumed coverage on Topgolf Callaway Brands in a report on Friday, May 16th. They issued a "neutral" rating and a $7.00 target price on the stock. Truist Financial lowered their price target on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $10.30.

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock traded up $0.66 during midday trading on Friday, hitting $8.71. 3,505,296 shares of the company's stock were exchanged, compared to its average volume of 2,852,650. The company has a market cap of $1.60 billion, a P/E ratio of -1.10 and a beta of 1.27. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.41 and a current ratio of 2.12. The stock has a 50-day moving average price of $7.13 and a two-hundred day moving average price of $7.17. Topgolf Callaway Brands has a 52-week low of $5.42 and a 52-week high of $16.89.

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 the consensus estimate of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.51% and a negative net margin of 34.68%. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the prior year, the firm earned $0.08 earnings per share. Topgolf Callaway Brands's revenue for the quarter was down 4.5% on a year-over-year basis. On average, equities research analysts forecast that Topgolf Callaway Brands will post 0.16 earnings per share for the current year.

Insider Activity at Topgolf Callaway Brands

In related news, CEO Oliver G. Brewer III acquired 20,000 shares of the stock in a transaction on Wednesday, May 14th. The stock was bought at an average cost of $6.40 per share, with a total value of $128,000.00. Following the transaction, the chief executive officer directly owned 1,009,297 shares in the company, valued at approximately $6,459,500.80. This represents a 2.02% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Russell L. Fleischer purchased 30,000 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were bought at an average cost of $6.41 per share, with a total value of $192,300.00. Following the purchase, the director directly owned 116,187 shares of the company's stock, valued at approximately $744,758.67. This represents a 34.81% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 905,284 shares of company stock valued at $5,922,500. Company insiders own 2.49% of the company's stock.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several hedge funds have recently made changes to their positions in MODG. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Topgolf Callaway Brands in the fourth quarter valued at about $289,000. Wealthfront Advisers LLC lifted its position in shares of Topgolf Callaway Brands by 589.5% in the 4th quarter. Wealthfront Advisers LLC now owns 85,807 shares of the company's stock worth $674,000 after purchasing an additional 73,362 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Topgolf Callaway Brands by 14.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company's stock worth $17,974,000 after purchasing an additional 291,052 shares during the period. Invesco Ltd. boosted its stake in shares of Topgolf Callaway Brands by 41.9% during the fourth quarter. Invesco Ltd. now owns 1,591,742 shares of the company's stock valued at $12,511,000 after purchasing an additional 469,728 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC purchased a new position in Topgolf Callaway Brands during the first quarter valued at approximately $66,000. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

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.