Topgolf Callaway Brands (NYSE:MODG) Stock Price Down 5.2% – Here’s What Happened

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

Wall Street Analyst Weigh In

MODG has been the topic of several research analyst reports. Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price objective for the company from $40.00 to $12.00 in a research note on Thursday, August 29th. Roth Mkm reaffirmed a “buy” rating and set a $16.00 price target (down previously from $17.00) on shares of Topgolf Callaway Brands in a research report on Thursday, November 14th. Raymond James lowered Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. The Goldman Sachs Group dropped their price objective on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Finally, B. Riley downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $18.00 to $12.00 in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Topgolf Callaway Brands presently has an average rating of “Hold” and an average price target of $14.92.

Topgolf Callaway Brands Stock Down 6.2 %

The stock’s fifty day moving average is $9.90 and its two-hundred day moving average is $12.45. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. The firm has a market cap of $1.53 billion, a P/E ratio of -105.24, a price-to-earnings-growth ratio of 5.84 and a beta of 1.75.

Institutional Trading of Topgolf Callaway Brands

Several institutional investors and hedge funds have recently modified their holdings of the business. Leonard Green & Partners L.P. bought a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth $97,173,000. Quadrature Capital Ltd bought a new position in shares of Topgolf Callaway Brands during the 1st quarter valued at about $677,000. Vanguard Group Inc. raised its holdings in shares of Topgolf Callaway Brands by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 15,484,400 shares of the company’s stock valued at $250,383,000 after buying an additional 81,021 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in Topgolf Callaway Brands by 115.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock worth $18,059,000 after buying an additional 881,535 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in Topgolf Callaway Brands in the third quarter worth approximately $3,396,000. Hedge funds and other institutional investors 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.