Topgolf Callaway Brands (NYSE:MODG) Trading Down 9.9% - Here's Why

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) was down 9.9% during trading on Monday . The stock traded as low as $5.63 and last traded at $5.65. Approximately 3,802,350 shares changed hands during trading, an increase of 48% from the average daily volume of 2,576,308 shares. The stock had previously closed at $6.27.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Roth Mkm reissued a "buy" rating and issued a $11.00 price objective (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Jefferies Financial Group upgraded Topgolf Callaway Brands from a "hold" rating to a "buy" rating and lifted their target price for the company 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. Finally, JPMorgan Chase & Co. decreased their target price on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $13.91.

Topgolf Callaway Brands Stock Performance

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 company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -77.98 and a beta of 1.47. The stock's fifty day simple moving average is $6.63 and its 200-day simple moving average is $8.12.

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Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its earnings results on Monday, February 24th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.07. The firm had revenue of $924.40 million for the quarter, compared to analysts' expectations of $1.13 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. Analysts predict that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Thompson Investment Management Inc. grew its stake in Topgolf Callaway Brands by 11.1% during the 4th quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company's stock worth $2,848,000 after buying an additional 36,201 shares during the last quarter. Wealthfront Advisers LLC grew its position in shares of Topgolf Callaway Brands by 589.5% during the fourth quarter. Wealthfront Advisers LLC now owns 85,807 shares of the company's stock worth $674,000 after acquiring an additional 73,362 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Topgolf Callaway Brands by 14.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company's stock valued at $17,974,000 after acquiring an additional 291,052 shares during the period. Requisite Capital Management LLC purchased a new stake in Topgolf Callaway Brands in the 4th quarter valued at $2,426,000. Finally, Harbor Capital Advisors Inc. boosted its stake in Topgolf Callaway Brands by 14.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,886,496 shares of the company's stock worth $14,828,000 after purchasing an additional 241,755 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.