Topgolf Callaway Brands (NYSE:MODG) Stock Rating Lowered by Wall Street Zen

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Thursday.

Several other research firms also recently commented on MODG. Roth Mkm reissued a "buy" rating and set a $11.00 price objective (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. B. Riley assumed coverage on Topgolf Callaway Brands in a research note on Friday, May 16th. They set a "neutral" rating and a $7.00 price target for the company. Truist Financial reduced their price objective on 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. Finally, JPMorgan Chase & Co. lowered their target price on Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, January 23rd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $10.50.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG traded up $0.01 during trading on Thursday, hitting $6.23. 395,148 shares of the company's stock were exchanged, compared to its average volume of 3,056,031. The business's 50-day simple moving average is $6.55 and its 200 day simple moving average is $7.44. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -77.68 and a beta of 1.25. Topgolf Callaway Brands has a 52-week low of $5.42 and a 52-week high of $16.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14.

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

Insider Transactions at Topgolf Callaway Brands

In other news, CEO Oliver G. Brewer III acquired 20,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were bought at an average price of $6.40 per share, with a total value of $128,000.00. Following the completion of the purchase, the chief executive officer now directly owns 1,009,297 shares in the company, valued at $6,459,500.80. This trade represents a 2.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Glenn F. Hickey acquired 10,000 shares of Topgolf Callaway Brands stock in a transaction on Monday, May 19th. The shares were purchased 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 now directly owns 10,000 shares in the company, valued at $68,600. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 60,000 shares of company stock worth $388,900. 2.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several hedge funds have recently made changes to their positions in the company. Augustine Asset Management Inc. lifted its stake in Topgolf Callaway Brands by 7.4% in the fourth quarter. Augustine Asset Management Inc. now owns 21,843 shares of the company's stock worth $172,000 after acquiring an additional 1,500 shares during the period. Boyar Asset Management Inc. increased its position in Topgolf Callaway Brands by 1.7% during the 1st quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company's stock valued at $725,000 after purchasing an additional 1,857 shares during the period. Jump Financial LLC increased its position in Topgolf Callaway Brands by 3.1% during the 1st quarter. Jump Financial LLC now owns 75,685 shares of the company's stock valued at $499,000 after purchasing an additional 2,265 shares during the period. MetLife Investment Management LLC lifted its position in shares of Topgolf Callaway Brands by 2.9% in the 4th quarter. MetLife Investment Management LLC now owns 82,820 shares of the company's stock worth $651,000 after purchasing an additional 2,303 shares during the period. Finally, Covestor Ltd boosted its stake in shares of Topgolf Callaway Brands by 26.9% during the first quarter. Covestor Ltd now owns 11,785 shares of the company's stock valued at $78,000 after purchasing an additional 2,499 shares in the last quarter. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

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.

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