Topgolf Callaway Brands (NYSE:MODG) Price Target Lowered to $12.00 at The Goldman Sachs Group

Topgolf Callaway Brands (NYSE:MODG) had its price target cut by The Goldman Sachs Group from $14.00 to $12.00 in a report published on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also recently commented on MODG. Truist Financial lowered their price target on Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday. B. Riley cut Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $18.00 to $12.00 in a report on Thursday, October 17th. Roth Mkm reaffirmed a “buy” rating and issued a $17.00 target price on shares of Topgolf Callaway Brands in a report on Thursday, September 5th. Jefferies Financial Group cut Topgolf Callaway Brands from a “buy” rating to a “hold” rating and lowered their target price for the stock from $40.00 to $12.00 in a report on Thursday, August 29th. Finally, TD Cowen lowered their target price on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a report on Tuesday, September 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $14.92.

Topgolf Callaway Brands Price Performance

Shares of Topgolf Callaway Brands stock traded up $0.13 during trading on Thursday, reaching $8.53. 1,632,216 shares of the company’s stock were exchanged, compared to its average volume of 2,510,645. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. Topgolf Callaway Brands has a 1-year low of $8.23 and a 1-year high of $16.89. The company has a market cap of $1.57 billion, a P/E ratio of -106.63, a PEG ratio of 8.62 and a beta of 1.75. The firm’s 50-day moving average price is $10.10 and its 200 day moving average price is $12.87.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several institutional investors and hedge funds have recently made changes to their positions in the business. Portolan Capital Management LLC bought a new stake in shares of Topgolf Callaway Brands during the 3rd quarter valued at about $3,862,000. Holocene Advisors LP increased its position in Topgolf Callaway Brands by 68.6% in the third quarter. Holocene Advisors LP now owns 36,570 shares of the company’s stock worth $402,000 after buying an additional 14,885 shares during the last quarter. Arizona PSPRS Trust bought a new position in shares of Topgolf Callaway Brands in the third quarter worth $1,696,000. Paloma Partners Management Co bought a new position in shares of Topgolf Callaway Brands in the third quarter worth $200,000. Finally, Edgestream Partners L.P. bought a new position in shares of Topgolf Callaway Brands in the third quarter worth $417,000. 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.