Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up – Should You Buy?

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $7.86, but opened at $8.64. Topgolf Callaway Brands shares last traded at $8.95, with a volume of 2,232,275 shares trading hands.

Analysts Set New Price Targets

A number of research firms have weighed in on MODG. Bank of America reduced their price objective on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. TD Cowen dropped their target price on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a report on Tuesday, September 17th. B. Riley downgraded Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and cut their target price for the stock from $18.00 to $12.00 in a research note on Thursday, October 17th. Truist Financial cut their price objective on shares of Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group decreased their target price on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.00.

Topgolf Callaway Brands Price Performance

The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. The company’s fifty day moving average is $8.63 and its two-hundred day moving average is $11.13. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -111.11, a P/E/G ratio of 5.62 and a beta of 1.70.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several institutional investors and hedge funds have recently modified their holdings of the company. Leonard Green & Partners L.P. acquired a new stake in Topgolf Callaway Brands during the 2nd quarter worth approximately $97,173,000. Dimensional Fund Advisors LP increased its position in shares of Topgolf Callaway Brands by 21.8% during the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock worth $132,296,000 after acquiring an additional 1,549,222 shares during the period. American Century Companies Inc. boosted its holdings in Topgolf Callaway Brands by 60.8% in the second quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock valued at $48,634,000 after purchasing an additional 1,202,347 shares during the period. Granite Investment Partners LLC acquired a new position in Topgolf Callaway Brands during the 2nd quarter worth $13,757,000. Finally, Harbor Capital Advisors Inc. increased its holdings in Topgolf Callaway Brands by 115.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock worth $18,059,000 after purchasing an additional 881,535 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.