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

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $6.43, but opened at $6.84. Topgolf Callaway Brands shares last traded at $6.98, with a volume of 485,679 shares traded.

Specifically, Director Adebayo O. Ogunlesi acquired 322,816 shares of Topgolf Callaway Brands stock in a transaction on Thursday, June 5th. The shares were bought at an average cost of $6.46 per share, with a total value of $2,085,391.36. Following the completion of the purchase, the director now directly owns 383,701 shares of the company’s stock, valued at $2,478,708.46. The trade was a 530.21% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Adebayo O. Ogunlesi acquired 60,885 shares of Topgolf Callaway Brands stock in a transaction on Wednesday, June 4th. The shares were bought at an average cost of $6.47 per share, for a total transaction of $393,925.95. Following the completion of the purchase, the director now directly owns 60,885 shares of the company’s stock, valued at $393,925.95. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

MODG has been the topic of several analyst reports. Truist Financial reduced their price objective on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. B. Riley assumed coverage on Topgolf Callaway Brands in a research note on Friday, May 16th. They set a “neutral” rating and a $7.00 price objective on the stock. Roth Mkm restated a “buy” rating and set a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. JPMorgan Chase & Co. dropped their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. Finally, Wall Street Zen lowered Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $10.30.

Topgolf Callaway Brands Price Performance

The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. The firm has a market cap of $1.36 billion, a P/E ratio of -92.73 and a beta of 1.21. The firm has a 50-day simple moving average of $6.49 and a 200-day simple moving average of $7.18.

Topgolf Callaway Brands (NYSE:MODG) last announced its earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.15. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations 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 business’s revenue for the quarter was down 4.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.08 EPS. As a group, analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Institutional Trading of Topgolf Callaway Brands

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Inspire Investing LLC purchased a new stake in shares of Topgolf Callaway Brands during the 1st quarter valued at $346,000. Intech Investment Management LLC lifted its holdings in shares of Topgolf Callaway Brands by 251.5% during the 1st quarter. Intech Investment Management LLC now owns 200,878 shares of the company’s stock valued at $1,324,000 after purchasing an additional 143,722 shares during the last quarter. Focus Partners Wealth purchased a new stake in shares of Topgolf Callaway Brands during the 1st quarter valued at $109,000. Bayforest Capital Ltd lifted its holdings in shares of Topgolf Callaway Brands by 99.5% during the 1st quarter. Bayforest Capital Ltd now owns 58,135 shares of the company’s stock valued at $383,000 after purchasing an additional 28,998 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Topgolf Callaway Brands by 5.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 460,109 shares of the company’s stock valued at $3,032,000 after purchasing an additional 22,211 shares during the last quarter. Hedge funds and other institutional investors own 84.69% of the company’s stock.

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.