Investors Buy Large Volume of Call Options on Topgolf Callaway Brands (NYSE:MODG)

Topgolf Callaway Brands Corp. (NYSE:MODG) saw some unusual options trading activity on Thursday. Traders bought 2,228 call options on the company. This is an increase of 144% compared to the average daily volume of 912 call options.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MODG shares. B. Riley lowered shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and cut their price objective for the company from $18.00 to $12.00 in a research report on Thursday, October 17th. Truist Financial cut their price objective on Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Jefferies Financial Group upgraded Topgolf Callaway Brands from a “hold” rating to a “buy” rating and increased their price target for the company from $11.00 to $13.00 in a report on Thursday. JPMorgan Chase & Co. reduced their price objective on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Finally, TD Cowen lowered their target price on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research note on Tuesday, September 17th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.00.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its stake in shares of Topgolf Callaway Brands by 21.8% during the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock valued at $132,296,000 after acquiring an additional 1,549,222 shares during the period. Leonard Green & Partners L.P. bought a new stake in Topgolf Callaway Brands during the 2nd quarter worth about $97,173,000. Geode Capital Management LLC boosted its stake in shares of Topgolf Callaway Brands by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,255,232 shares of the company’s stock valued at $35,749,000 after purchasing an additional 22,003 shares during the last quarter. American Century Companies Inc. grew its position in shares of Topgolf Callaway Brands by 60.8% during the 2nd quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock worth $48,634,000 after buying an additional 1,202,347 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Topgolf Callaway Brands by 8.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock worth $21,912,000 after buying an additional 148,451 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Price Performance

NYSE MODG traded up $1.04 on Thursday, hitting $8.90. 2,793,335 shares of the company were exchanged, compared to its average volume of 2,495,509. Topgolf Callaway Brands has a 1-year low of $7.22 and a 1-year high of $16.89. The firm has a 50 day moving average of $8.58 and a two-hundred day moving average of $11.10. 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 company has a market cap of $1.64 billion, a P/E ratio of -111.24, a P/E/G ratio of 5.62 and a beta of 1.70.

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.