Topgolf Callaway Brands (NYSE:MODG) Shares Down 5.2% – Time to Sell?

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price was down 5.2% on Tuesday . The stock traded as low as $8.37 and last traded at $8.39. Approximately 650,628 shares traded 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 brokerages have recently issued reports on MODG. Roth Mkm reaffirmed a “buy” rating and set a $16.00 price objective (down from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. TD Cowen reduced their price target on 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. Bank of America dropped their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Raymond James cut shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands currently has a consensus rating of “Hold” and an average target price of $14.92.

Topgolf Callaway Brands Stock Down 6.2 %

The company’s fifty day simple moving average is $9.90 and its 200 day simple moving average is $12.45. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $1.53 billion, a PE ratio of -105.24, a price-to-earnings-growth ratio of 5.84 and a beta of 1.75.

Hedge Funds Weigh In On Topgolf Callaway Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in MODG. Vanguard Group Inc. lifted its holdings in shares of Topgolf Callaway Brands by 0.5% during the first quarter. Vanguard Group Inc. now owns 15,484,400 shares of the company’s stock valued at $250,383,000 after purchasing an additional 81,021 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Topgolf Callaway Brands by 9.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 180,618 shares of the company’s stock worth $2,918,000 after acquiring an additional 15,294 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Topgolf Callaway Brands in the first quarter worth $677,000. Price T Rowe Associates Inc. MD boosted its stake in Topgolf Callaway Brands by 6.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 84,558 shares of the company’s stock worth $1,368,000 after purchasing an additional 5,247 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC purchased a new stake in Topgolf Callaway Brands during the 1st quarter valued at about $230,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

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.