Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up – What’s Next?

Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) gapped up before the market opened 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 brokerages have recently commented on MODG. JPMorgan Chase & Co. lowered their price objective on Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Jefferies Financial Group raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating and increased their price target for the company from $11.00 to $13.00 in a research report on Thursday. Truist Financial cut their price objective on shares of Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. TD Cowen dropped their price target 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. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $16.00 price objective (down from $17.00) on shares of Topgolf Callaway Brands in a research report on Thursday, November 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.00.

Topgolf Callaway Brands Stock Performance

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 stock has a market capitalization 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 company has a 50 day simple moving average of $8.56 and a 200-day simple moving average of $11.05.

Institutional Trading of Topgolf Callaway Brands

Institutional investors have recently modified their holdings of the business. nVerses Capital LLC purchased a new position in Topgolf Callaway Brands in the 3rd quarter valued at approximately $133,000. Koss Olinger Consulting LLC purchased a new position in shares of Topgolf Callaway Brands in the second quarter valued at $160,000. Simon Quick Advisors LLC purchased a new position in shares of Topgolf Callaway Brands in the second quarter valued at $161,000. Quest Partners LLC bought a new stake in shares of Topgolf Callaway Brands during the 3rd quarter valued at $161,000. Finally, International Assets Investment Management LLC boosted its stake in Topgolf Callaway Brands by 998.0% in the 3rd quarter. International Assets Investment Management LLC now owns 15,032 shares of the company’s stock worth $165,000 after purchasing an additional 13,663 shares during the period. 84.69% of the stock is currently 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.