Stock Traders Purchase Large Volume of Call Options on Topgolf Callaway Brands (NYSE:MODG)

Topgolf Callaway Brands Corp. (NYSE:MODG) was the target of unusually large options trading on Thursday. Traders bought 2,228 call options on the company. This represents an increase of approximately 144% compared to the typical volume of 912 call options.

Topgolf Callaway Brands Stock Performance

MODG opened at $9.38 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. Topgolf Callaway Brands has a 52-week low of $7.22 and a 52-week high of $16.89. The firm has a market cap of $1.72 billion, a P/E ratio of -117.24, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70. The business’s fifty day moving average is $8.56 and its 200-day moving average is $11.05.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MODG shares. Truist Financial decreased 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. JPMorgan Chase & Co. dropped their price objective on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. 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 note on Thursday, September 12th. B. Riley lowered shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and decreased their price target for the company from $18.00 to $12.00 in a research note on Thursday, October 17th. Finally, Roth Mkm restated a “buy” rating and set a $16.00 price objective (down from $17.00) on shares of Topgolf Callaway Brands in a research report on Thursday, November 14th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Topgolf Callaway Brands currently has an average rating of “Hold” and a consensus target price of $15.00.

Institutional Investors Weigh In On Topgolf Callaway Brands

Large investors have recently bought and sold shares of the company. Leonard Green & Partners L.P. bought a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth approximately $97,173,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Topgolf Callaway Brands by 8.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock valued at $21,912,000 after purchasing an additional 148,451 shares in the last quarter. PDT Partners LLC bought a new position in shares of Topgolf Callaway Brands in the 3rd quarter valued at $1,934,000. Harbor Capital Advisors Inc. raised its holdings in shares of Topgolf Callaway Brands by 115.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock worth $18,059,000 after buying an additional 881,535 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Topgolf Callaway Brands during the 3rd quarter worth $3,396,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

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.