Topgolf Callaway Brands (NYSE:MODG) Hits New 12-Month Low – Here’s Why

Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) reached a new 52-week low during trading on Thursday . The stock traded as low as $7.52 and last traded at $7.52, with a volume of 3008077 shares. The stock had previously closed at $8.02.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MODG. TD Cowen cut their price objective on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a research note on Tuesday, September 17th. Truist Financial reduced their price objective on Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. The Goldman Sachs Group decreased their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. JPMorgan Chase & Co. dropped their target price on Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Finally, Raymond James downgraded Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.92.

Topgolf Callaway Brands Stock Up 2.2 %

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 $1.37 billion, a PE ratio of -93.11, a PEG ratio of 5.62 and a beta of 1.70. The company has a 50 day moving average price of $9.02 and a 200-day moving average price of $11.55.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Leonard Green & Partners L.P. purchased a new stake in shares of Topgolf Callaway Brands in the 2nd quarter worth about $97,173,000. Charles Schwab Investment Management Inc. raised its stake in Topgolf Callaway Brands by 8.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock worth $21,912,000 after buying an additional 148,451 shares in the last quarter. PDT Partners LLC purchased a new stake in Topgolf Callaway Brands in the third quarter worth about $1,934,000. Harbor Capital Advisors Inc. boosted its position in 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 valued at $18,059,000 after acquiring an additional 881,535 shares in the last quarter. Finally, Empowered Funds LLC purchased a new position in shares of Topgolf Callaway Brands during the 3rd quarter worth approximately $3,396,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

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.