Acushnet (NYSE:GOLF) Shares Gap Up - Time to Buy?

Acushnet Holdings Corp. (NYSE:GOLF - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $63.83, but opened at $70.79. Acushnet shares last traded at $69.41, with a volume of 169,040 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GOLF. JPMorgan Chase & Co. lowered Acushnet from a "neutral" rating to an "underweight" rating and dropped their price objective for the company from $69.00 to $64.00 in a research note on Thursday, January 23rd. Truist Financial raised their target price on Acushnet from $65.00 to $68.00 and gave the company a "hold" rating in a research note on Friday, November 8th.

Acushnet Price Performance

The firm has a fifty day moving average price of $70.61 and a two-hundred day moving average price of $67.84. The stock has a market capitalization of $4.05 billion, a P/E ratio of 22.66 and a beta of 0.86. The company has a quick ratio of 1.14, a current ratio of 2.10 and a debt-to-equity ratio of 0.79.

Insider Activity

In other news, insider Christopher Aaron Lindner sold 5,000 shares of Acushnet stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $73.91, for a total value of $369,550.00. Following the completion of the sale, the insider now directly owns 88,710 shares in the company, valued at $6,556,556.10. The trade was a 5.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 54.60% of the company's stock.

Institutional Investors Weigh In On Acushnet

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Acushnet by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,506,733 shares of the company's stock worth $107,097,000 after purchasing an additional 5,661 shares during the period. JPMorgan Chase & Co. boosted its stake in Acushnet by 5.3% in the 4th quarter. JPMorgan Chase & Co. now owns 1,078,416 shares of the company's stock worth $76,654,000 after purchasing an additional 54,314 shares during the period. Victory Capital Management Inc. increased its holdings in Acushnet by 8.2% in the 3rd quarter. Victory Capital Management Inc. now owns 1,072,692 shares of the company's stock valued at $68,384,000 after acquiring an additional 81,065 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Acushnet by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 1,024,023 shares of the company's stock worth $72,783,000 after buying an additional 10,166 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Acushnet during the fourth quarter valued at $62,713,000. Hedge funds and other institutional investors own 53.12% of the company's stock.

About Acushnet

Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Africa, Japan, Korea, and internationally. The company operates through four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear.