Topgolf Callaway Brands (NYSE:MODG) Hits New 12-Month Low – Time to Sell?

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $7.52 and last traded at $7.52, with a volume of 3008077 shares changing hands. The stock had previously closed at $8.02.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Roth Mkm reaffirmed a “buy” rating and set a $16.00 price target (down previously from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. The Goldman Sachs Group dropped their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 14th. Raymond James cut Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. TD Cowen lowered their price target on 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. Finally, Bank of America cut their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $14.92.

Topgolf Callaway Brands Stock Performance

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 stock has a fifty day simple moving average of $9.13 and a two-hundred day simple moving average of $11.64. The stock has a market cap of $1.38 billion, a PE ratio of -93.99, a PEG ratio of 5.62 and a beta of 1.70.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Leonard Green & Partners L.P. acquired a new position in Topgolf Callaway Brands in the 2nd quarter worth $97,173,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Topgolf Callaway Brands by 8.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock worth $21,912,000 after acquiring an additional 148,451 shares in the last quarter. PDT Partners LLC purchased a new position in Topgolf Callaway Brands in the third quarter valued at about $1,934,000. Harbor Capital Advisors Inc. boosted its holdings in Topgolf Callaway Brands by 115.5% in the third quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock valued at $18,059,000 after purchasing an additional 881,535 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in Topgolf Callaway Brands during the 3rd quarter valued at approximately $3,396,000. 84.69% of the stock is currently owned by hedge funds and other 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.