Topgolf Callaway Brands (NYSE:MODG) Downgraded to “Sell” Rating by Wall Street Zen

Topgolf Callaway Brands (NYSE:MODG) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday.

Several other analysts have also commented on the stock. Truist Financial lowered their price objective on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. lowered their price objective on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 27th. Finally, B. Riley started coverage on shares of Topgolf Callaway Brands in a research report on Friday, May 16th. They issued a “neutral” rating and a $7.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $10.30.

Topgolf Callaway Brands Stock Down 1.1%

MODG opened at $9.13 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.12 and a quick ratio of 1.41. The company’s 50-day moving average is $7.28 and its 200 day moving average is $7.20. Topgolf Callaway Brands has a fifty-two week low of $5.42 and a fifty-two week high of $16.89. The firm has a market capitalization of $1.68 billion, a P/E ratio of -1.15 and a beta of 1.27.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a negative net margin of 34.68% and a positive return on equity of 1.51%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the firm earned $0.08 earnings per share. The firm’s revenue was down 4.5% on a year-over-year basis. Research analysts expect that Topgolf Callaway Brands will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, Director Russell L. Fleischer purchased 30,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were bought at an average price of $6.41 per share, with a total value of $192,300.00. Following the completion of the transaction, the director directly owned 116,187 shares in the company, valued at approximately $744,758.67. This trade represents a 34.81% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Adebayo O. Ogunlesi purchased 38,782 shares of the stock in a transaction dated Tuesday, June 10th. The stock was acquired at an average cost of $7.59 per share, for a total transaction of $294,355.38. Following the transaction, the director owned 845,284 shares of the company’s stock, valued at approximately $6,415,705.56. This trade represents a 4.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 905,284 shares of company stock worth $5,922,500. 2.40% of the stock is currently owned by company insiders.

Institutional Trading of Topgolf Callaway Brands

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Topgolf Callaway Brands by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company’s stock worth $124,667,000 after buying an additional 224,578 shares in the last quarter. Shapiro Capital Management LLC boosted its stake in shares of Topgolf Callaway Brands by 3.6% in the 4th quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company’s stock valued at $82,692,000 after purchasing an additional 366,192 shares in the last quarter. Long Focus Capital Management LLC boosted its stake in shares of Topgolf Callaway Brands by 44.8% in the 1st quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company’s stock valued at $19,446,000 after purchasing an additional 912,844 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Topgolf Callaway Brands by 21.7% in the 1st quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company’s stock valued at $17,257,000 after purchasing an additional 466,043 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Topgolf Callaway Brands by 8.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,478,250 shares of the company’s stock valued at $16,332,000 after purchasing an additional 191,531 shares in the last quarter. 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.