Topgolf Callaway Brands (NYSE:MODG) Stock Price Down 9.6%

Topgolf Callaway Brands Corp. (NYSE:MODG) shares dropped 9.6% during trading on Thursday . The company traded as low as $14.74 and last traded at $14.78. Approximately 363,784 shares traded hands during trading, a decline of 85% from the average daily volume of 2,417,630 shares. The stock had previously closed at $16.35.

Analyst Ratings Changes

MODG has been the subject of several research analyst reports. Truist Financial upped their price objective on shares of Topgolf Callaway Brands from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 29th. KeyCorp decreased their price objective on shares of Topgolf Callaway Brands from $20.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Tigress Financial reissued a “buy” rating and set a $38.00 target price on shares of Topgolf Callaway Brands in a report on Friday, April 12th. Finally, B. Riley increased their price target on Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.91.

Topgolf Callaway Brands Price Performance

The stock has a 50-day moving average of $15.47 and a two-hundred day moving average of $14.07. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 32.20, a price-to-earnings-growth ratio of 1.67 and a beta of 1.84. The company has a current ratio of 1.72, a quick ratio of 0.88 and a debt-to-equity ratio of 0.39.

Topgolf Callaway Brands (NYSE:MODG) last announced its earnings results on Wednesday, May 8th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.01 by $0.08. Topgolf Callaway Brands had a net margin of 2.22% and a return on equity of 2.39%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the company posted $0.17 earnings per share. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, analysts anticipate that Topgolf Callaway Brands Corp. will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, Director Erik J. Anderson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.55, for a total value of $72,750.00. Following the completion of the sale, the director now owns 777,959 shares of the company’s stock, valued at $11,319,303.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Erik J. Anderson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.55, for a total transaction of $72,750.00. Following the transaction, the director now directly owns 777,959 shares of the company’s stock, valued at $11,319,303.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Erik J. Anderson sold 2,028 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $14.79, for a total transaction of $29,994.12. Following the completion of the sale, the director now owns 2,242 shares of the company’s stock, valued at approximately $33,159.18. The disclosure for this sale can be found here. Corporate insiders own 2.49% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Blair William & Co. IL raised its holdings in Topgolf Callaway Brands by 2.0% during the first quarter. Blair William & Co. IL now owns 96,389 shares of the company’s stock valued at $1,559,000 after buying an additional 1,899 shares in the last quarter. SageView Advisory Group LLC bought a new position in shares of Topgolf Callaway Brands in the first quarter worth about $314,000. Everence Capital Management Inc. acquired a new position in shares of Topgolf Callaway Brands during the 1st quarter worth about $277,000. Motley Fool Asset Management LLC boosted its stake in Topgolf Callaway Brands by 406.1% during the 1st quarter. Motley Fool Asset Management LLC now owns 451,448 shares of the company’s stock valued at $7,300,000 after purchasing an additional 362,242 shares during the period. Finally, ProShare Advisors LLC boosted its stake in Topgolf Callaway Brands by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 28,982 shares of the company’s stock valued at $469,000 after purchasing an additional 1,997 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.