Investors Buy Large Volume of Topgolf Callaway Brands Call Options (NYSE:MODG)

Topgolf Callaway Brands Corp. (NYSE:MODG) was the recipient of some unusual options trading on Thursday. Investors bought 2,228 call options on the stock. This represents an increase of 144% compared to the typical daily volume of 912 call options.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their price target 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. TD Cowen dropped their target price on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a research report on Tuesday, September 17th. Roth Mkm reaffirmed a “buy” rating and issued a $16.00 price target (down from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. B. Riley downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and decreased their target price for the company from $18.00 to $12.00 in a research note on Thursday, October 17th. Finally, The Goldman Sachs Group dropped 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands presently has a consensus rating of “Hold” and a consensus price target of $15.00.

Topgolf Callaway Brands Price Performance

NYSE MODG opened at $9.00 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The business’s fifty day moving average is $8.58 and its 200 day moving average is $11.10. The company has a market capitalization of $1.65 billion, a PE ratio of -112.49, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70. Topgolf Callaway Brands has a fifty-two week low of $7.22 and a fifty-two week high of $16.89.

Hedge Funds Weigh In On Topgolf Callaway Brands

Hedge funds have recently modified their holdings of the company. Leonard Green & Partners L.P. purchased a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at $97,173,000. Dimensional Fund Advisors LP raised its holdings in Topgolf Callaway Brands by 21.8% during the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock valued at $132,296,000 after acquiring an additional 1,549,222 shares during the period. American Century Companies Inc. lifted its position in shares of Topgolf Callaway Brands by 60.8% in the second quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock valued at $48,634,000 after acquiring an additional 1,202,347 shares in the last quarter. Granite Investment Partners LLC bought a new position in shares of Topgolf Callaway Brands in the second quarter worth about $13,757,000. Finally, Harbor Capital Advisors Inc. grew its position in shares of Topgolf Callaway Brands by 115.5% during the third quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock worth $18,059,000 after purchasing an additional 881,535 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors.

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.