Topgolf Callaway Brands (NYSE:MODG) Trading 8.4% Higher – What’s Next?

Topgolf Callaway Brands Corp. (NYSE:MODG) shot up 8.4% on Wednesday . The stock traded as high as $6.07 and last traded at $6.15. 2,028,512 shares changed hands during trading, a decline of 38% from the average session volume of 3,250,323 shares. The stock had previously closed at $5.67.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MODG. The Goldman Sachs Group 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, November 14th. Jefferies Financial Group raised shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and increased their price objective for the stock from $11.00 to $13.00 in a research report on Thursday, January 2nd. Truist Financial lowered their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. 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 note on Thursday, January 23rd. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $11.00 price objective (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.91.

Topgolf Callaway Brands Stock Performance

The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -76.80 and a beta of 1.70. The company’s fifty day simple moving average is $7.62 and its two-hundred day simple moving average is $8.79. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings results on Monday, February 24th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.07. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The business had revenue of $924.40 million for the quarter, compared to analyst estimates of $1.13 billion. Equities research analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of Topgolf Callaway Brands

Large investors have recently added to or reduced their stakes in the business. Augustine Asset Management Inc. increased its holdings in shares of Topgolf Callaway Brands by 7.4% during the fourth quarter. Augustine Asset Management Inc. now owns 21,843 shares of the company’s stock valued at $172,000 after purchasing an additional 1,500 shares during the period. MetLife Investment Management LLC lifted its stake 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 acquiring an additional 2,303 shares during the period. Tidal Investments LLC boosted its holdings in shares of Topgolf Callaway Brands by 11.6% in the fourth quarter. Tidal Investments LLC now owns 24,898 shares of the company’s stock valued at $196,000 after acquiring an additional 2,596 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of Topgolf Callaway Brands by 7.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 37,329 shares of the company’s stock valued at $293,000 after acquiring an additional 2,712 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Topgolf Callaway Brands by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 80,716 shares of the company’s stock valued at $634,000 after acquiring an additional 3,084 shares during the period. 84.69% of the stock is currently owned by institutional investors and hedge funds.

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.