Topgolf Callaway Brands Corp. (NYSE:MODG) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC cut its position in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 29.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 639,471 shares of the company's stock after selling 264,014 shares during the quarter. Verition Fund Management LLC owned 0.35% of Topgolf Callaway Brands worth $7,021,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Fifth Third Bancorp lifted its holdings in Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company's stock worth $39,000 after buying an additional 1,936 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Topgolf Callaway Brands in the third quarter valued at $133,000. Dnca Finance purchased a new position in Topgolf Callaway Brands in the second quarter valued at $134,000. Koss Olinger Consulting LLC acquired a new position in Topgolf Callaway Brands during the 2nd quarter worth $160,000. Finally, Simon Quick Advisors LLC purchased a new stake in Topgolf Callaway Brands during the 2nd quarter worth about $161,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Performance

MODG traded up $0.14 during trading on Monday, hitting $8.56. 1,939,282 shares of the stock were exchanged, compared to its average volume of 2,504,575. The firm has a market capitalization of $1.57 billion, a P/E ratio of -104.63, a PEG ratio of 5.73 and a beta of 1.75. Topgolf Callaway Brands Corp. has a 1-year low of $7.95 and a 1-year high of $16.89. The stock has a fifty day moving average price of $9.72 and a two-hundred day moving average price of $12.25. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. TD Cowen lowered their price objective on Topgolf Callaway Brands from $13.00 to $10.00 and set a "hold" rating for the company in a research report on Tuesday, September 17th. Raymond James cut shares of Topgolf Callaway Brands from an "outperform" rating to an "underperform" rating in a report on Friday, August 23rd. Bank of America reduced their price objective on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, September 12th. Truist Financial dropped their target price on Topgolf Callaway Brands from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, November 13th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $16.00 price target (down from $17.00) on shares of Topgolf Callaway Brands in a report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $14.92.

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.