Topgolf Callaway Brands (NYSE:MODG) Sets New 52-Week Low - Here's Why

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) hit a new 52-week low on Tuesday . The stock traded as low as $7.16 and last traded at $7.25, with a volume of 122508 shares. The stock had previously closed at $7.30.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of Topgolf Callaway Brands from a "hold" rating to a "buy" rating and upped their price target for the stock from $11.00 to $13.00 in a research note on Thursday, January 2nd. 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. B. Riley cut shares of Topgolf Callaway Brands from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $18.00 to $12.00 in a research report on Thursday, October 17th. Truist Financial decreased their target price 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. Finally, JPMorgan Chase & Co. lowered their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.67.

Topgolf Callaway Brands Price Performance

The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -90.30 and a beta of 1.70. 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 business has a 50-day moving average price of $8.06 and a two-hundred day moving average price of $9.63.

Hedge Funds Weigh In On Topgolf Callaway Brands

Institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. increased its stake in shares of Topgolf Callaway Brands by 97.6% in the fourth quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company's stock valued at $16,919,000 after purchasing an additional 1,063,033 shares during the period. Harbor Capital Advisors Inc. grew its holdings in Topgolf Callaway Brands by 115.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company's stock worth $18,059,000 after buying an additional 881,535 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in Topgolf Callaway Brands in the 4th quarter worth approximately $4,769,000. LGT Capital Partners LTD. acquired a new stake in Topgolf Callaway Brands in the 3rd quarter valued at approximately $6,588,000. Finally, Invesco Ltd. raised its stake in Topgolf Callaway Brands by 41.9% during the 4th quarter. Invesco Ltd. now owns 1,591,742 shares of the company's stock valued at $12,511,000 after acquiring an additional 469,728 shares in the last quarter. Institutional investors own 84.69% of the company's stock.

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.