Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up After Insider Buying Activity

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report)'s share price gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $6.43, but opened at $6.84. Topgolf Callaway Brands shares last traded at $6.98, with a volume of 485,679 shares trading hands.

Specifically, Director Adebayo O. Ogunlesi acquired 322,816 shares of Topgolf Callaway Brands stock in a transaction that occurred on Thursday, June 5th. The stock was purchased at an average cost of $6.46 per share, with a total value of $2,085,391.36. Following the completion of the acquisition, the director now owns 383,701 shares in the company, valued at $2,478,708.46. This trade represents a 530.21% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Adebayo O. Ogunlesi acquired 60,885 shares of the stock in a transaction on Wednesday, June 4th. The stock was purchased at an average cost of $6.47 per share, with a total value of $393,925.95. Following the transaction, the director now directly owns 60,885 shares of the company's stock, valued at $393,925.95. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Several equities analysts have commented on MODG shares. B. Riley began coverage on shares of Topgolf Callaway Brands in a research note on Friday, May 16th. They set a "neutral" rating and a $7.00 target price on the stock. Truist Financial decreased their price objective on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. reduced their price objective on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. Roth Mkm reiterated a "buy" rating and issued a $11.00 target price (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Finally, 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. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $10.30.

Topgolf Callaway Brands Stock Performance

The firm has a 50-day moving average of $6.55 and a two-hundred day moving average of $7.19. The company has a market capitalization of $1.45 billion, a PE ratio of -98.74 and a beta of 1.21. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The business's quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.08 EPS. Research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Topgolf Callaway Brands by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company's stock valued at $124,667,000 after purchasing an additional 224,578 shares during the last quarter. Shapiro Capital Management LLC lifted its position in shares of Topgolf Callaway Brands by 3.6% during the 4th quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company's stock worth $82,692,000 after purchasing an additional 366,192 shares during the last quarter. Long Focus Capital Management LLC increased its holdings 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 purchasing an additional 912,844 shares during the period. Alliancebernstein L.P. increased its holdings in Topgolf Callaway Brands by 21.7% in the 1st quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company's stock valued at $17,257,000 after buying an additional 466,043 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Topgolf Callaway Brands by 8.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,478,250 shares of the company's stock valued at $16,332,000 after acquiring an additional 191,531 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.