Topgolf Callaway Brands (NYSE:MODG) Trading Down 5.2% – Should You Sell?

Topgolf Callaway Brands Corp. (NYSE:MODG) shares were down 5.2% on Tuesday . The company traded as low as $8.37 and last traded at $8.39. Approximately 650,628 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 2,510,054 shares. The stock had previously closed at $8.85.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MODG shares. Morgan Stanley lowered their price target on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. Raymond James cut Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. lowered their price target on Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. TD Cowen lowered their target price on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a report on Tuesday, September 17th. Finally, Truist Financial lowered 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. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.92.

Topgolf Callaway Brands Trading Down 0.1 %

The company has a market cap of $1.53 billion, a PE ratio of -103.80, a price-to-earnings-growth ratio of 6.02 and a beta of 1.75. The business has a 50 day simple moving average of $9.87 and a two-hundred day simple moving average of $12.40. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Topgolf Callaway Brands by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 15,484,400 shares of the company’s stock worth $250,383,000 after buying an additional 81,021 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Topgolf Callaway Brands by 21.8% in the 2nd 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 period. Leonard Green & Partners L.P. purchased a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth $97,173,000. Geode Capital Management LLC raised its position in shares of Topgolf Callaway Brands by 0.7% in the 3rd 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. Finally, American Century Companies Inc. raised its position in shares of Topgolf Callaway Brands by 60.8% in the 2nd 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 period. 84.69% of the stock is owned by hedge funds and other institutional investors.

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.