Bryce Point Capital LLC Purchases New Stake in Topgolf Callaway Brands Corp. $MODG

Bryce Point Capital LLC purchased a new stake in Topgolf Callaway Brands Corp. (NYSE:MODG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 94,708 shares of the company’s stock, valued at approximately $762,000. Bryce Point Capital LLC owned about 0.05% of Topgolf Callaway Brands as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Long Focus Capital Management LLC grew its position in Topgolf Callaway Brands by 44.8% in the first quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company’s stock worth $19,446,000 after acquiring an additional 912,844 shares during the period. Alliancebernstein L.P. grew its position in Topgolf Callaway Brands by 21.7% in the first quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company’s stock worth $17,257,000 after acquiring an additional 466,043 shares during the period. PDT Partners LLC boosted its position in shares of Topgolf Callaway Brands by 3,281.5% during the first quarter. PDT Partners LLC now owns 369,390 shares of the company’s stock worth $2,434,000 after buying an additional 358,466 shares during the period. Trexquant Investment LP boosted its position in shares of Topgolf Callaway Brands by 120.1% during the first quarter. Trexquant Investment LP now owns 470,060 shares of the company’s stock worth $3,098,000 after buying an additional 256,503 shares during the period. Finally, Graham Capital Management L.P. boosted its position in shares of Topgolf Callaway Brands by 669.5% during the first quarter. Graham Capital Management L.P. now owns 293,695 shares of the company’s stock worth $1,935,000 after buying an additional 255,528 shares during the period. Institutional investors and hedge funds own 84.69% of the company’s stock.

Insider Activity

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $9.25, for a total value of $237,762.00. Following the sale, the director owned 20,607 shares of the company’s stock, valued at approximately $190,614.75. The trade was a 55.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Artie Starrs sold 106,734 shares of Topgolf Callaway Brands stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total value of $922,181.76. Following the completion of the sale, the chief executive officer directly owned 105,823 shares in the company, valued at $914,310.72. This represents a 50.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MODG. B. Riley reiterated a “neutral” rating and issued a $9.50 target price (up from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Wall Street Zen raised Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Morgan Stanley assumed coverage on Topgolf Callaway Brands in a report on Friday, July 18th. They issued an “equal weight” rating and a $9.50 target price for the company. Cfra reissued a “hold” rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Topgolf Callaway Brands in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $9.78.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock opened at $8.95 on Tuesday. The stock has a market capitalization of $1.65 billion, a PE ratio of -1.10 and a beta of 1.24. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $10.74. The stock’s 50-day moving average price is $9.42 and its 200 day moving average price is $8.50. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.21. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 EPS. As a group, equities research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Topgolf Callaway Brands 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.