Topgolf Callaway Brands (NYSE:MODG) Shares Up 4.3% - Still a Buy?

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) was up 4.3% during trading on Monday . The company traded as high as $7.79 and last traded at $7.77. Approximately 1,003,036 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 2,498,585 shares. The stock had previously closed at $7.45.

Analyst Upgrades and Downgrades

Several brokerages have commented on MODG. Bank of America decreased 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, September 12th. Roth Mkm reaffirmed a "buy" rating and issued a $16.00 price target (down from $17.00) on shares of Topgolf Callaway Brands in a report on Thursday, November 14th. The Goldman Sachs Group reduced their price objective on 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 lowered Topgolf Callaway Brands from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $18.00 to $12.00 in a report on Thursday, October 17th. Finally, Truist Financial lowered their price objective on Topgolf Callaway Brands from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands currently has an average rating of "Hold" and an average price target of $14.92.

Topgolf Callaway Brands Price Performance

The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -97.11, a PEG ratio of 5.62 and a beta of 1.70. The stock's 50-day moving average price is $9.02 and its 200 day moving average price is $11.49.

Institutional Trading of Topgolf Callaway Brands

Hedge funds and other institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System lifted its holdings in shares of Topgolf Callaway Brands by 1.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company's stock worth $1,088,000 after acquiring an additional 700 shares during the last quarter. Creative Planning lifted its stake in Topgolf Callaway Brands by 6.8% during the 2nd quarter. Creative Planning now owns 22,201 shares of the company's stock worth $340,000 after acquiring an additional 1,415 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Topgolf Callaway Brands by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 78,434 shares of the company's stock valued at $1,200,000 after acquiring an additional 1,888 shares during the period. Fifth Third Bancorp increased its stake in Topgolf Callaway Brands by 327.6% during the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company's stock worth $39,000 after purchasing an additional 1,936 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of Topgolf Callaway Brands by 0.4% in the second quarter. Rhumbline Advisers now owns 462,111 shares of the company's stock valued at $7,070,000 after purchasing an additional 1,962 shares during the period. Institutional investors and hedge funds 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.