Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up to $10.76

Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) gapped up before the market opened on Thursday . The stock had previously closed at $10.76, but opened at $11.39. Topgolf Callaway Brands shares last traded at $10.90, with a volume of 1,211,321 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MODG shares. TD Cowen boosted their target price on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the stock a “hold” rating in a report on Monday, May 13th. Morgan Stanley reduced their target price on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. KeyCorp lowered shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. Truist Financial reduced their target price on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, The Goldman Sachs Group reduced their target price on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.31.

Topgolf Callaway Brands Stock Down 1.3 %

The company has a current ratio of 1.93, a quick ratio of 1.15 and a debt-to-equity ratio of 0.37. The stock’s 50-day moving average is $13.51 and its 200-day moving average is $14.67. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 28.65, a P/E/G ratio of 6.62 and a beta of 1.77.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the company earned $0.39 EPS. Topgolf Callaway Brands’s quarterly revenue was down 1.9% compared to the same quarter last year. On average, analysts anticipate that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MODG. Leonard Green & Partners L.P. acquired a new position in Topgolf Callaway Brands during the second quarter worth $97,173,000. Vanguard Group Inc. raised its holdings in Topgolf Callaway Brands by 13.6% during the fourth quarter. Vanguard Group Inc. now owns 15,403,379 shares of the company’s stock worth $220,884,000 after buying an additional 1,845,864 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Topgolf Callaway Brands by 21.8% during the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock worth $132,296,000 after buying an additional 1,549,222 shares during the last quarter. American Century Companies Inc. raised its holdings in Topgolf Callaway Brands by 60.8% during the second quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock worth $48,634,000 after buying an additional 1,202,347 shares during the last quarter. Finally, Granite Investment Partners LLC acquired a new position in Topgolf Callaway Brands during the second quarter worth $13,757,000. 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.