Truist Financial Issues Pessimistic Forecast for Topgolf Callaway Brands (NYSE:MODG) Stock Price

Topgolf Callaway Brands (NYSE:MODG) had its price target lowered by research analysts at Truist Financial from $14.00 to $12.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 39.05% from the company’s current price.

Other analysts also recently issued reports about the company. Roth Mkm reaffirmed a “buy” rating and issued a $16.00 target price (down from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. Bank of America lowered their price target on 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 decreased their price target on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a research report on Tuesday, September 17th. B. Riley cut shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and reduced their target price for the company from $18.00 to $12.00 in a report on Thursday, October 17th. Finally, The Goldman Sachs Group dropped their target price on 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 analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.83.

Topgolf Callaway Brands Stock Down 3.3 %

Shares of NYSE MODG opened at $8.63 on Tuesday. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The company’s 50-day simple moving average is $8.50 and its 200-day simple moving average is $10.89. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -107.86, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70. Topgolf Callaway Brands has a 52-week low of $7.22 and a 52-week high of $16.89.

Institutional Investors Weigh In On Topgolf Callaway Brands

Hedge funds and other institutional investors have recently modified their holdings of the company. Koss Olinger Consulting LLC purchased a new stake in shares of Topgolf Callaway Brands in the second quarter valued at $160,000. nVerses Capital LLC purchased a new position in shares of Topgolf Callaway Brands during the 3rd quarter worth about $133,000. XTX Topco Ltd acquired a new stake in shares of Topgolf Callaway Brands in the second quarter worth approximately $218,000. Quest Partners LLC purchased a new stake in Topgolf Callaway Brands in the third quarter valued at approximately $161,000. Finally, Algert Global LLC acquired a new position in Topgolf Callaway Brands during the second quarter worth approximately $226,000. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

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.