Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up – Here’s What Happened

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price 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 trading hands.

Wall Street Analyst Weigh In

Several research firms have commented on MODG. The Goldman Sachs Group lowered their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 14th. Jefferies Financial Group raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating and upped their price objective for the company from $11.00 to $13.00 in a research note on Thursday. B. Riley downgraded Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their target price for the company from $18.00 to $12.00 in a research note on Thursday, October 17th. Bank of America cut their price target on 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. Finally, TD Cowen lowered their price objective on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research report on Tuesday, September 17th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.00.

Topgolf Callaway Brands Stock Up 13.1 %

The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The firm has a 50-day simple moving average of $8.63 and a two-hundred day simple moving average of $11.13. The company has a market cap of $1.63 billion, a PE ratio of -111.11, a P/E/G ratio of 5.62 and a beta of 1.70.

Hedge Funds Weigh In On Topgolf Callaway Brands

Institutional investors have recently modified their holdings of the company. Tidal Investments LLC grew its stake in Topgolf Callaway Brands by 35.7% in the 3rd quarter. Tidal Investments LLC now owns 22,302 shares of the company’s stock worth $245,000 after acquiring an additional 5,862 shares during the period. Boyar Asset Management Inc. grew its position in shares of Topgolf Callaway Brands by 17.5% in the third quarter. Boyar Asset Management Inc. now owns 104,540 shares of the company’s stock valued at $1,148,000 after purchasing an additional 15,532 shares during the period. Geode Capital Management LLC lifted its position in Topgolf Callaway Brands by 0.7% during the third quarter. Geode Capital Management LLC now owns 3,255,232 shares of the company’s stock worth $35,749,000 after buying an additional 22,003 shares during the period. MML Investors Services LLC boosted its stake in Topgolf Callaway Brands by 25.3% in the 3rd quarter. MML Investors Services LLC now owns 93,897 shares of the company’s stock worth $1,031,000 after buying an additional 18,988 shares during the last quarter. Finally, Portolan Capital Management LLC purchased a new stake in Topgolf Callaway Brands in the 3rd quarter valued at about $3,862,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

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.