Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up After Insider Buying Activity

Topgolf Callaway Brands Corp. (NYSE:MODG) gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $6.43, but opened at $6.84. Topgolf Callaway Brands shares last traded at $6.98, with a volume of 485,679 shares.

Specifically, Director Adebayo O. Ogunlesi acquired 322,816 shares of the business’s stock in a transaction dated Thursday, June 5th. The stock was purchased at an average cost of $6.46 per share, for a total transaction of $2,085,391.36. Following the acquisition, the director now owns 383,701 shares of the company’s stock, valued at $2,478,708.46. This trade represents a 530.21% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Adebayo O. Ogunlesi purchased 60,885 shares of the stock in a transaction on Wednesday, June 4th. The shares were acquired at an average cost of $6.47 per share, with a total value of $393,925.95. Following the transaction, the director now directly owns 60,885 shares in the company, valued at $393,925.95. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

Several analysts have commented on MODG shares. Truist Financial cut their target price on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. B. Riley initiated coverage on Topgolf Callaway Brands in a research note on Friday, May 16th. They set a “neutral” rating and a $7.00 price objective on the stock. JPMorgan Chase & Co. cut their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 27th. Wall Street Zen cut Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Finally, Roth Mkm reaffirmed a “buy” rating and set a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Topgolf Callaway Brands currently has an average rating of “Hold” and an average target price of $10.30.

Topgolf Callaway Brands Stock Up 3.9%

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 company has a market capitalization of $1.41 billion, a PE ratio of -95.93 and a beta of 1.21. The firm has a 50 day simple moving average of $6.52 and a two-hundred day simple moving average of $7.18.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.15. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.08 earnings per share. Research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Inspire Investing LLC purchased a new position in Topgolf Callaway Brands in the first quarter valued at about $346,000. Intech Investment Management LLC raised its holdings in shares of Topgolf Callaway Brands by 251.5% in the 1st quarter. Intech Investment Management LLC now owns 200,878 shares of the company’s stock worth $1,324,000 after buying an additional 143,722 shares in the last quarter. Focus Partners Wealth bought a new stake in shares of Topgolf Callaway Brands during the first quarter worth $109,000. Bayforest Capital Ltd grew its holdings in shares of Topgolf Callaway Brands by 99.5% during the first quarter. Bayforest Capital Ltd now owns 58,135 shares of the company’s stock worth $383,000 after purchasing an additional 28,998 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Topgolf Callaway Brands by 5.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 460,109 shares of the company’s stock valued at $3,032,000 after acquiring an additional 22,211 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors.

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.