Topgolf Callaway Brands (NYSE:MODG) Sets New 12-Month Low – What’s Next?

Topgolf Callaway Brands Corp. (NYSE:MODG) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $5.80 and last traded at $5.69, with a volume of 389291 shares traded. The stock had previously closed at $5.98.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MODG. Roth Mkm reissued a “buy” rating and set a $11.00 target price (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Truist Financial reduced their target price on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their target price on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, January 23rd. The Goldman Sachs Group reduced their price objective on 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, Jefferies Financial Group raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating and raised their price objective for the company from $11.00 to $13.00 in a research note on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Topgolf Callaway Brands presently has an average rating of “Hold” and a consensus target price of $13.91.

Topgolf Callaway Brands Stock Up 8.4 %

The stock has a 50 day moving average price of $7.58 and a 200 day moving average price of $8.77. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -76.80 and a beta of 1.70. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.07. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The firm had revenue of $924.40 million for the quarter, compared to analyst estimates of $1.13 billion. As a group, analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of hedge funds have recently made changes to their positions in MODG. Asset Planning Inc bought a new position in shares of Topgolf Callaway Brands during the fourth quarter worth about $33,000. Sterling Capital Management LLC raised its position in shares of Topgolf Callaway Brands by 821.5% during the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company’s stock worth $36,000 after acquiring an additional 4,050 shares during the last quarter. KBC Group NV raised its position in shares of Topgolf Callaway Brands by 81.8% during the fourth quarter. KBC Group NV now owns 8,330 shares of the company’s stock worth $65,000 after acquiring an additional 3,749 shares during the last quarter. Covestor Ltd increased its holdings in Topgolf Callaway Brands by 147.2% in the fourth quarter. Covestor Ltd now owns 9,286 shares of the company’s stock worth $73,000 after purchasing an additional 5,530 shares in the last quarter. Finally, FORA Capital LLC bought a new stake in Topgolf Callaway Brands in the fourth quarter worth approximately $81,000. 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.