Topgolf Callaway Brands (NYSE:MODG) Stock Price Down 4.2% - Here's Why

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report)'s share price was down 4.2% during trading on Thursday . The stock traded as low as $9.69 and last traded at $9.70. Approximately 414,488 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 2,503,181 shares. The stock had previously closed at $10.13.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MODG shares. TD Cowen cut their price objective on Topgolf Callaway Brands from $13.00 to $10.00 and set a "hold" rating on the stock in a research report on Tuesday, September 17th. Jefferies Financial Group downgraded Topgolf Callaway Brands from a "buy" rating to a "hold" rating and dropped their price target for the stock from $40.00 to $12.00 in a research report on Thursday, August 29th. Truist Financial dropped their price target on Topgolf Callaway Brands from $20.00 to $16.00 and set a "buy" rating on the stock in a research report on Thursday, August 8th. KeyCorp downgraded Topgolf Callaway Brands from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 8th. Finally, Morgan Stanley dropped their price target on Topgolf Callaway Brands from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $15.31.

Topgolf Callaway Brands Stock Down 3.6 %

The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. The stock has a market capitalization of $1.79 billion, a PE ratio of 26.41, a PEG ratio of 6.42 and a beta of 1.75. The business has a 50 day moving average of $10.53 and a two-hundred day moving average of $13.56.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.14. Topgolf Callaway Brands had a return on equity of 2.07% and a net margin of 0.50%. The firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.19 billion. During the same period in the prior year, the business posted $0.39 EPS. The firm's quarterly revenue was down 1.9% on a year-over-year basis. Analysts predict that Topgolf Callaway Brands Corp. will post 0.18 EPS for the current year.

Institutional Trading of Topgolf Callaway Brands

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Topgolf Callaway Brands by 0.5% in the first quarter. Vanguard Group Inc. now owns 15,484,400 shares of the company's stock valued at $250,383,000 after purchasing an additional 81,021 shares during the period. Dimensional Fund Advisors LP grew its holdings in Topgolf Callaway Brands by 21.8% in the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company's stock valued at $132,296,000 after purchasing an additional 1,549,222 shares during the period. Leonard Green & Partners L.P. purchased a new stake in shares of Topgolf Callaway Brands during the second quarter worth approximately $97,173,000. American Century Companies Inc. raised its stake in Topgolf Callaway Brands by 60.8% in the 2nd 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 last quarter. Finally, Bwcp LP lifted its holdings in Topgolf Callaway Brands by 20.3% in the 2nd quarter. Bwcp LP now owns 1,853,048 shares of the company's stock valued at $28,352,000 after purchasing an additional 312,836 shares in the last quarter. 84.69% of the stock is 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.