Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up Following Insider Buying Activity

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $6.62, but opened at $6.85. Topgolf Callaway Brands shares last traded at $6.98, with a volume of 653,145 shares traded.

Specifically, Director Russell L. Fleischer bought 30,000 shares of the stock in a transaction dated Wednesday, May 14th. The stock was bought at an average cost of $6.41 per share, with a total value of $192,300.00. Following the completion of the acquisition, the director now owns 116,187 shares of the company’s stock, valued at $744,758.67. This trade represents a 34.81% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Oliver G. Brewer III bought 20,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were bought at an average cost of $6.40 per share, with a total value of $128,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,009,297 shares of the company’s stock, valued at approximately $6,459,500.80. The trade was a 2.02% increase in their position. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. B. Riley assumed coverage on Topgolf Callaway Brands in a report on Friday. They set a “neutral” rating and a $7.00 target price for the company. JPMorgan Chase & Co. reduced their price objective on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, January 23rd. Roth Mkm reiterated a “buy” rating and set a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Finally, Truist Financial reduced their price objective on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to MarketBeat, Topgolf Callaway Brands presently has a consensus rating of “Hold” and a consensus target price of $10.50.

Topgolf Callaway Brands Price Performance

The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -87.65 and a beta of 1.25. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The business has a 50-day simple moving average of $6.52 and a two-hundred day simple moving average of $7.51.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.15. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.08 earnings per share. As a group, research analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC increased its holdings in shares of Topgolf Callaway Brands by 36.5% in the first quarter. Empowered Funds LLC now owns 443,748 shares of the company’s stock valued at $2,924,000 after buying an additional 118,642 shares in the last quarter. Caxton Associates LLP bought a new position in shares of Topgolf Callaway Brands in the first quarter valued at $1,271,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Topgolf Callaway Brands by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,280 shares of the company’s stock valued at $555,000 after buying an additional 3,564 shares in the last quarter. Granahan Investment Management LLC bought a new position in shares of Topgolf Callaway Brands in the first quarter valued at $378,000. Finally, Claar Advisors LLC increased its holdings in shares of Topgolf Callaway Brands by 1.3% in the first quarter. Claar Advisors LLC now owns 608,058 shares of the company’s stock valued at $4,007,000 after buying an additional 8,058 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

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.