Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up - Still a Buy?

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $7.86, but opened at $8.64. Topgolf Callaway Brands shares last traded at $8.95, with a volume of 2,232,275 shares traded.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MODG. The Goldman Sachs Group reduced their price objective on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, November 14th. B. Riley cut Topgolf Callaway Brands from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $18.00 to $12.00 in a research report on Thursday, October 17th. Roth Mkm restated a "buy" rating and set a $16.00 target price (down previously from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. Truist Financial reduced their price target on shares of Topgolf Callaway Brands from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, November 13th. Finally, Bank of America cut their target price on shares of 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. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $15.00.

Topgolf Callaway Brands Price Performance

The stock has a 50 day moving average of $8.58 and a 200-day moving average of $11.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The company has a market cap of $1.65 billion, a PE ratio of -112.49, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Leonard Green & Partners L.P. purchased a new position in Topgolf Callaway Brands during the second quarter valued at $97,173,000. Dimensional Fund Advisors LP grew its stake in shares of Topgolf Callaway Brands by 21.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company's stock valued at $132,296,000 after buying an additional 1,549,222 shares during the period. American Century Companies Inc. increased its stake in Topgolf Callaway Brands by 60.8% during the second quarter. American Century Companies Inc. now owns 3,178,681 shares of the company's stock worth $48,634,000 after acquiring an additional 1,202,347 shares during the last quarter. Granite Investment Partners LLC acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth about $13,757,000. Finally, Harbor Capital Advisors Inc. raised its stake in shares of 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 valued at $18,059,000 after acquiring an additional 881,535 shares during the period. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Company Profile

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.