Topgolf Callaway Brands (NYSE:MODG) Trading Up 8.4% - Time to Buy?

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) shot up 8.4% during trading on Tuesday . The stock traded as high as $8.87 and last traded at $8.72. 1,092,147 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 2,839,727 shares. The stock had previously closed at $8.05.

Analyst Ratings Changes

MODG has been the topic of several recent analyst reports. B. Riley assumed coverage on shares of Topgolf Callaway Brands in a report on Friday, May 16th. They set a "neutral" rating and a $7.00 price objective on the stock. JPMorgan Chase & Co. decreased their price target on shares of 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. Wall Street Zen upgraded Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research note on Saturday, June 28th. Finally, Truist Financial reduced their target price on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a report on Monday, April 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $10.30.

Topgolf Callaway Brands Trading Down 1.1%

The company has a current ratio of 2.12, a quick ratio of 1.41 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average price of $7.23 and a two-hundred day moving average price of $7.20. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -1.15 and a beta of 1.27.

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 for the quarter, topping analysts' consensus estimates of ($0.04) by $0.15. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.51% and a negative net margin of 34.68%. The firm's revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.08 earnings per share. As a group, research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Adebayo O. Ogunlesi purchased 38,782 shares of Topgolf Callaway Brands stock in a transaction dated Tuesday, June 10th. The shares were purchased at an average price of $7.59 per share, with a total value of $294,355.38. Following the transaction, the director owned 845,284 shares in the company, valued at $6,415,705.56. This represents a 4.81% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Glenn F. Hickey acquired 10,000 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was acquired at an average price of $6.86 per share, for a total transaction of $68,600.00. Following the completion of the acquisition, the executive vice president directly owned 10,000 shares of the company's stock, valued at $68,600. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 905,284 shares of company stock worth $5,922,500. Company insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its holdings 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 acquiring an additional 291,052 shares during the last quarter. Victory Capital Management Inc. raised its position in Topgolf Callaway Brands by 31.1% in the fourth quarter. Victory Capital Management Inc. now owns 158,327 shares of the company's stock valued at $1,244,000 after purchasing an additional 37,600 shares during the period. Raymond James Financial Inc. acquired a new position in Topgolf Callaway Brands during the fourth quarter worth $380,000. Prescott Group Capital Management L.L.C. acquired a new position in Topgolf Callaway Brands during the fourth quarter worth $1,596,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Topgolf Callaway Brands by 170.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 13,757 shares of the company's stock worth $108,000 after buying an additional 8,672 shares during the period. Hedge funds and other institutional investors 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.