Topgolf Callaway Brands (NYSE:MODG) Research Coverage Started at B. Riley

B. Riley initiated coverage on shares of Topgolf Callaway Brands (NYSE:MODG) in a research report sent to investors on Friday, MarketBeat Ratings reports. The firm issued a neutral rating and a $7.00 price target on the stock.

MODG has been the topic of a number of other reports. Roth Mkm reiterated a “buy” rating and issued a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Truist Financial dropped their price target on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $10.50.

Topgolf Callaway Brands Price Performance

Shares of NYSE MODG opened at $7.01 on Friday. Topgolf Callaway Brands has a fifty-two week low of $5.42 and a fifty-two week high of $16.89. The company has a 50 day simple moving average of $6.52 and a two-hundred day simple moving average of $7.48. The company 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 debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.15. The company had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The firm’s quarterly revenue was down 4.5% on a year-over-year basis. During the same quarter last year, the company posted $0.08 earnings per share. Analysts expect that Topgolf Callaway Brands will post 0.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Oliver G. Brewer III bought 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were purchased at an average cost of $6.40 per share, with a total value of $128,000.00. Following the transaction, the chief executive officer now directly owns 1,009,297 shares in the company, valued at approximately $6,459,500.80. The trade was a 2.02% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Russell L. Fleischer purchased 30,000 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were bought at an average cost of $6.41 per share, for a total transaction of $192,300.00. Following the completion of the transaction, the director now directly owns 116,187 shares in the company, valued at $744,758.67. This trade represents a 34.81% increase in their position. The disclosure for this purchase can be found here. 2.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. boosted its stake in shares of Topgolf Callaway Brands by 97.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company’s stock worth $16,919,000 after acquiring an additional 1,063,033 shares in the last quarter. Long Focus Capital Management LLC boosted its holdings in Topgolf Callaway Brands by 44.8% in the 1st quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company’s stock worth $19,446,000 after buying an additional 912,844 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Topgolf Callaway Brands by 57.8% during the 4th quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company’s stock worth $16,401,000 after purchasing an additional 764,322 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $4,769,000. Finally, Claar Advisors LLC acquired a new position in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $4,716,000. 84.69% of the stock is owned by institutional investors and hedge funds.

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.