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

Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) reached a new 52-week low on Friday . The stock traded as low as $7.94 and last traded at $7.96, with a volume of 814718 shares changing hands. The stock had previously closed at $8.06.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MODG shares. Truist Financial dropped their target price on Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. The Goldman Sachs Group cut 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. B. Riley lowered shares of 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. 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. Finally, JPMorgan Chase & Co. reduced their price target on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $14.92.

Topgolf Callaway Brands Stock Down 1.1 %

The stock has a market capitalization of $1.47 billion, a P/E ratio of -100.75, a PEG ratio of 5.58 and a beta of 1.70. The firm’s 50-day simple moving average is $9.55 and its 200 day simple moving average is $12.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

Institutional Investors Weigh In On Topgolf Callaway Brands

Large investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System raised its position in Topgolf Callaway Brands by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock worth $1,088,000 after acquiring an additional 700 shares in the last quarter. Creative Planning raised its holdings in shares of Topgolf Callaway Brands by 6.8% in the 2nd quarter. Creative Planning now owns 22,201 shares of the company’s stock valued at $340,000 after purchasing an additional 1,415 shares during the period. SG Americas Securities LLC lifted its stake in Topgolf Callaway Brands by 5.2% in the 2nd quarter. SG Americas Securities LLC now owns 36,961 shares of the company’s stock valued at $566,000 after purchasing an additional 1,819 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Topgolf Callaway Brands by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 78,434 shares of the company’s stock worth $1,200,000 after purchasing an additional 1,888 shares during the period. Finally, Fifth Third Bancorp raised its stake in Topgolf Callaway Brands by 327.6% in the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock valued at $39,000 after buying an additional 1,936 shares during the period. Institutional investors and hedge funds 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.