Topgolf Callaway Brands (NYSE:MODG) Shares Down 5.3% - Here's Why

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report)'s share price dropped 5.3% during mid-day trading on Monday . The stock traded as low as $6.01 and last traded at $6.01. Approximately 891,466 shares changed hands during trading, a decline of 68% from the average daily volume of 2,752,854 shares. The stock had previously closed at $6.34.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. 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 report on Tuesday, May 27th. Wall Street Zen lowered shares of Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Truist Financial reduced their target price on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Roth Mkm reaffirmed a "buy" rating and set a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Finally, B. Riley assumed coverage on Topgolf Callaway Brands in a report on Friday, May 16th. They issued a "neutral" rating and a $7.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Topgolf Callaway Brands has a consensus rating of "Hold" and a consensus target price of $10.30.

Topgolf Callaway Brands Stock Performance

The stock has a market cap of $1.18 billion, a P/E ratio of -80.43 and a beta of 1.21. 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 company has a fifty day moving average of $6.47 and a 200 day moving average of $7.22.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the business earned $0.08 EPS. The company's quarterly revenue was down 4.5% compared to the same quarter last year. On average, equities analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Topgolf Callaway Brands

In related news, EVP Glenn F. Hickey purchased 10,000 shares of the company's stock in a transaction on Monday, May 19th. The shares were bought at an average price of $6.86 per share, with a total value of $68,600.00. Following the completion of the acquisition, the executive vice president now owns 10,000 shares of the company's stock, valued at approximately $68,600. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Russell L. Fleischer acquired 30,000 shares of Topgolf Callaway Brands 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 completion of the purchase, the director now owns 116,187 shares in the company, valued at approximately $744,758.67. This represents a 34.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 60,000 shares of company stock valued at $388,900. 2.40% of the stock is owned by insiders.

Institutional Trading of Topgolf Callaway Brands

A number of hedge funds have recently bought and sold shares of MODG. Asset Planning Inc purchased a new position in shares of Topgolf Callaway Brands in the fourth quarter worth approximately $33,000. Sterling Capital Management LLC boosted its stake in Topgolf Callaway Brands by 821.5% in the 4th quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock worth $36,000 after purchasing an additional 4,050 shares during the period. KBC Group NV grew its position in Topgolf Callaway Brands by 81.8% during the 4th quarter. KBC Group NV now owns 8,330 shares of the company's stock worth $65,000 after purchasing an additional 3,749 shares in the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Topgolf Callaway Brands during the 1st quarter valued at $66,000. Finally, Capstone Financial Advisors Inc. purchased a new stake in shares of Topgolf Callaway Brands in the first quarter valued at $66,000. 84.69% of the stock is 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.