Topgolf Callaway Brands (NYSE:MODG) Shares Gap Down to $11.38

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $11.38, but opened at $10.99. Topgolf Callaway Brands shares last traded at $11.27, with a volume of 215,082 shares changing hands.

Wall Street Analysts Forecast Growth

MODG has been the subject of several recent analyst reports. Raymond James lowered Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday. The Goldman Sachs Group decreased their target price on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Morgan Stanley cut their price target on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. Roth Mkm restated a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Topgolf Callaway Brands in a report on Thursday, August 8th. Finally, Bank of America downgraded Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and cut their target price for the company from $18.00 to $13.00 in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Topgolf Callaway Brands has a consensus rating of “Hold” and a consensus target price of $16.67.

Topgolf Callaway Brands Stock Down 1.6 %

The company has a market cap of $2.06 billion, a P/E ratio of 30.27, a price-to-earnings-growth ratio of 2.55 and a beta of 1.77. The company has a quick ratio of 1.02, a current ratio of 1.82 and a debt-to-equity ratio of 0.39. The company has a fifty day moving average of $14.26 and a 200 day moving average of $14.87.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. Topgolf Callaway Brands had a return on equity of 1.93% and a net margin of 1.80%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the company posted $0.39 EPS. The business’s quarterly revenue was down 1.9% compared to the same quarter last year. On average, research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of hedge funds have recently modified their holdings of MODG. Fifth Third Bancorp grew its stake 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 valued at $39,000 after acquiring an additional 1,936 shares during the period. GAMMA Investing LLC bought a new position in shares of Topgolf Callaway Brands in the fourth quarter worth approximately $44,000. JFS Wealth Advisors LLC boosted its position in shares of Topgolf Callaway Brands by 6,063.5% in the fourth quarter. JFS Wealth Advisors LLC now owns 4,561 shares of the company’s stock worth $65,000 after purchasing an additional 4,487 shares during the period. Dnca Finance purchased a new stake in shares of Topgolf Callaway Brands in the second quarter worth $134,000. Finally, Caas Capital Management LP bought a new stake in shares of Topgolf Callaway Brands during the 4th quarter valued at $148,000. 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.