Quest Partners LLC Purchases New Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Quest Partners LLC acquired a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 14,681 shares of the company’s stock, valued at approximately $161,000.

A number of other large investors also recently added to or reduced their stakes in MODG. Empowered Funds LLC acquired a new position in shares of Topgolf Callaway Brands in the 3rd quarter valued at $3,396,000. Victory Capital Management Inc. lifted its stake in Topgolf Callaway Brands by 165.6% in the third quarter. Victory Capital Management Inc. now owns 120,727 shares of the company’s stock valued at $1,326,000 after buying an additional 75,270 shares during the period. Aigen Investment Management LP boosted its holdings in Topgolf Callaway Brands by 104.0% during the third quarter. Aigen Investment Management LP now owns 29,083 shares of the company’s stock worth $319,000 after buying an additional 14,826 shares during the last quarter. Entropy Technologies LP acquired a new stake in shares of Topgolf Callaway Brands in the 3rd quarter valued at approximately $274,000. Finally, Crossmark Global Holdings Inc. increased its position in shares of Topgolf Callaway Brands by 123.9% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 34,617 shares of the company’s stock valued at $381,000 after buying an additional 19,159 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Price Performance

MODG stock opened at $8.30 on Friday. The company’s 50-day moving average price is $9.82 and its two-hundred day moving average price is $12.37. The firm has a market cap of $1.53 billion, a P/E ratio of -103.75, a P/E/G ratio of 6.02 and a beta of 1.75. Topgolf Callaway Brands Corp. has a 12 month low of $7.95 and a 12 month high of $16.89. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MODG. B. Riley downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $18.00 to $12.00 in a research report on Thursday, October 17th. Jefferies Financial Group cut shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their target price for the company from $40.00 to $12.00 in a report on Thursday, August 29th. Truist Financial decreased their target price on Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. The Goldman Sachs Group decreased their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, Bank of America dropped their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Two equities 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 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 $14.92.

Topgolf Callaway Brands 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.