JPMorgan Chase & Co. Lowers Topgolf Callaway Brands (NYSE:MODG) Price Target to $11.00

Topgolf Callaway Brands (NYSE:MODG) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $13.00 to $11.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 31.03% from the company’s previous close.

A number of other research analysts also recently weighed in on MODG. Morgan Stanley cut their price target on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. Truist Financial dropped their target price on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. KeyCorp downgraded shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 8th. The Goldman Sachs Group cut their price objective on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Finally, Jefferies Financial Group cut shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and reduced their price target for the stock from $40.00 to $12.00 in a research report on Thursday, August 29th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Topgolf Callaway Brands has a consensus rating of “Hold” and an average price target of $14.92.

Topgolf Callaway Brands Trading Down 2.0 %

MODG opened at $8.40 on Wednesday. The stock has a fifty day moving average of $10.10 and a 200-day moving average of $12.87. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. Topgolf Callaway Brands has a 12-month low of $8.29 and a 12-month high of $16.89.

Institutional Investors Weigh In On Topgolf Callaway Brands

Hedge funds have recently bought and sold shares of the company. Arizona PSPRS Trust acquired a new stake in shares of Topgolf Callaway Brands during the third quarter worth $1,696,000. Paloma Partners Management Co acquired a new position in shares of Topgolf Callaway Brands during the third quarter worth $200,000. Edgestream Partners L.P. acquired a new position in shares of Topgolf Callaway Brands in the third quarter worth approximately $417,000. PDT Partners LLC acquired a new stake in shares of Topgolf Callaway Brands during the third quarter worth $1,934,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Topgolf Callaway Brands by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 355,256 shares of the company’s stock worth $3,901,000 after acquiring an additional 3,841 shares in the last quarter. 84.69% of the stock is currently 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.