Topgolf Callaway Brands Corp. (NYSE:MODG) Short Interest Up 24.8% in July

Topgolf Callaway Brands Corp. (NYSE:MODG) saw a significant growth in short interest in July. As of July 15th, there was short interest totalling 19,060,000 shares, a growth of 24.8% from the June 30th total of 15,270,000 shares. Approximately 13.6% of the company’s stock are short sold. Based on an average daily volume of 1,770,000 shares, the short-interest ratio is currently 10.8 days.

Insider Activity

In other news, Director Erik J. Anderson sold 7,500 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total value of $115,275.00. Following the completion of the sale, the director now owns 760,459 shares in the company, valued at $11,688,254.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Erik J. Anderson sold 7,500 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total transaction of $115,275.00. Following the completion of the sale, the director now directly owns 760,459 shares in the company, valued at $11,688,254.83. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Erik J. Anderson sold 10,000 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $15.19, for a total transaction of $151,900.00. Following the transaction, the director now directly owns 767,959 shares in the company, valued at $11,665,297.21. The disclosure for this sale can be found here. Corporate insiders own 2.49% of the company’s stock.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Topgolf Callaway Brands by 13.6% during the 4th 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 in the last quarter. Norges Bank bought a new position in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $10,467,000. Assenagon Asset Management S.A. bought a new position in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $9,412,000. Harbor Capital Advisors Inc. boosted its holdings in shares of Topgolf Callaway Brands by 281.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 763,206 shares of the company’s stock worth $11,677,000 after buying an additional 563,279 shares in the last quarter. Finally, Motley Fool Wealth Management LLC bought a new position in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $6,659,000. Institutional investors own 84.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on MODG shares. Truist Financial lifted their target price on shares of Topgolf Callaway Brands from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 29th. B. Riley lifted their target price on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. TD Cowen boosted their price target on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the company a “hold” rating in a report on Monday, May 13th. Finally, Tigress Financial reissued a “buy” rating and issued a $38.00 price target on shares of Topgolf Callaway Brands in a report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $19.33.

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock traded up $0.29 during mid-day trading on Friday, reaching $15.90. 1,805,896 shares of the company were exchanged, compared to its average volume of 1,692,189. The firm has a market cap of $2.92 billion, a PE ratio of 42.97, a PEG ratio of 2.63 and a beta of 1.77. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.82 and a quick ratio of 1.02. Topgolf Callaway Brands has a 12 month low of $9.84 and a 12 month high of $20.14. The company has a fifty day simple moving average of $15.18 and a 200-day simple moving average of $15.00.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.08. Topgolf Callaway Brands had a return on equity of 1.93% and a net margin of 1.80%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the firm posted $0.17 earnings per share. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. As a group, equities research analysts expect that Topgolf Callaway Brands will post 0.34 earnings per share for the current fiscal year.

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.