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

Shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) gapped up before the market opened on Monday after an insider bought additional shares in the company. 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.

Specifically, Director Adebayo O. Ogunlesi purchased 322,816 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was bought at an average price of $6.46 per share, for a total transaction of $2,085,391.36. Following the completion of the purchase, the director now directly owns 383,701 shares of the company's stock, valued at $2,478,708.46. The trade was a 530.21% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Adebayo O. Ogunlesi bought 60,885 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were purchased at an average price of $6.47 per share, for a total transaction of $393,925.95. Following the transaction, the director now directly owns 60,885 shares of the company's stock, valued at approximately $393,925.95. This represents a ∞ increase in their position. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MODG. Roth Mkm reiterated a "buy" rating and issued a $11.00 price objective (down previously from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Truist Financial lowered their price target on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Wall Street Zen cut Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. reduced their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Finally, B. Riley initiated coverage on shares of Topgolf Callaway Brands in a report on Friday, May 16th. They set a "neutral" rating and a $7.00 price target for the company. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $10.30.

Topgolf Callaway Brands Stock Performance

The stock has a market capitalization of $1.29 billion, a P/E ratio of -87.43 and a beta of 1.21. The stock has a 50 day moving average of $6.47 and a 200 day moving average of $7.19. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported $0.11 EPS for the quarter, beating 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 analyst estimates of $1.08 billion. During the same period last year, the company earned $0.08 earnings per share. The company's quarterly revenue was down 4.5% compared to the same quarter last year. Equities analysts predict that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Institutional Trading of Topgolf Callaway Brands

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

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