Zacks Research Upgrades Topgolf Callaway Brands (NYSE:MODG) to Strong-Buy

Topgolf Callaway Brands (NYSE:MODG) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. B. Riley reissued a “neutral” rating and issued a $11.00 price objective (up previously from $9.50) on shares of Topgolf Callaway Brands in a research note on Monday, November 10th. JPMorgan Chase & Co. increased their price target on Topgolf Callaway Brands from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, November 12th. UBS Group restated a “neutral” rating and set a $11.00 price objective on shares of Topgolf Callaway Brands in a report on Monday, November 24th. Truist Financial upped their price objective on Topgolf Callaway Brands from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Finally, Wall Street Zen raised shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $11.17.

Topgolf Callaway Brands Stock Down 3.3%

Shares of MODG opened at $11.81 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 1.87 and a debt-to-equity ratio of 0.60. The business has a fifty day moving average of $10.13 and a 200 day moving average of $9.14. The company has a market cap of $2.17 billion, a PE ratio of -1.44 and a beta of 0.94. Topgolf Callaway Brands has a 52-week low of $5.42 and a 52-week high of $12.99.

Topgolf Callaway Brands (NYSE:MODG) last announced its earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.16. The business had revenue of $465.30 million for the quarter, compared to the consensus estimate of $903.96 million. Topgolf Callaway Brands had a negative net margin of 37.06% and a negative return on equity of 0.13%. During the same quarter in the prior year, the firm posted $0.02 earnings per share. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. On average, sell-side analysts expect that Topgolf Callaway Brands will post 0.16 EPS for the current year.

Institutional Trading of Topgolf Callaway Brands

Several institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC grew its holdings in Topgolf Callaway Brands by 1,669.0% during the 2nd quarter. Signaturefd LLC now owns 3,078 shares of the company’s stock worth $25,000 after acquiring an additional 2,904 shares in the last quarter. Johnson Financial Group Inc. raised its holdings in shares of Topgolf Callaway Brands by 5,092.9% in the 3rd quarter. Johnson Financial Group Inc. now owns 3,635 shares of the company’s stock valued at $35,000 after purchasing an additional 3,565 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Topgolf Callaway Brands in the 2nd quarter worth approximately $36,000. Smartleaf Asset Management LLC boosted its stake in shares of Topgolf Callaway Brands by 42.3% during the third quarter. Smartleaf Asset Management LLC now owns 3,893 shares of the company’s stock valued at $37,000 after purchasing an additional 1,157 shares in the last quarter. Finally, CWM LLC increased its holdings in Topgolf Callaway Brands by 124.0% during the second quarter. CWM LLC now owns 4,679 shares of the company’s stock valued at $38,000 after buying an additional 2,590 shares during the period. 84.69% of the stock is currently owned by institutional investors.

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.