Portolan Capital Management LLC Makes New $3.86 Million Investment in Topgolf Callaway Brands Corp. (NYSE:MODG)

Portolan Capital Management LLC bought a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 351,691 shares of the company’s stock, valued at approximately $3,862,000. Portolan Capital Management LLC owned about 0.19% of Topgolf Callaway Brands as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MODG. Fifth Third Bancorp increased its holdings in shares of Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after buying an additional 1,936 shares during the last quarter. Dnca Finance acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth about $134,000. Koss Olinger Consulting LLC purchased a new stake in Topgolf Callaway Brands in the 2nd quarter valued at about $160,000. Simon Quick Advisors LLC acquired a new position in Topgolf Callaway Brands in the second quarter valued at about $161,000. Finally, Cetera Advisors LLC purchased a new position in Topgolf Callaway Brands during the first quarter worth about $182,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Performance

NYSE MODG opened at $8.21 on Wednesday. The business has a 50 day moving average price of $9.68 and a 200 day moving average price of $12.21. 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 company has a market capitalization of $1.51 billion, a P/E ratio of -102.55, a PEG ratio of 5.82 and a beta of 1.70. Topgolf Callaway Brands Corp. has a 1-year low of $7.95 and a 1-year high of $16.89.

Analyst Upgrades and Downgrades

MODG has been the topic of a number of research analyst reports. TD Cowen reduced 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 note on Tuesday, September 17th. Roth Mkm reaffirmed a “buy” rating and issued a $16.00 price target (down previously from $17.00) on shares of Topgolf Callaway Brands in a research report on Thursday, November 14th. Jefferies Financial Group downgraded shares of 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 report on Thursday, August 29th. B. Riley downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $18.00 to $12.00 in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. decreased their target price on shares of 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. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.92.

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.