Topgolf Callaway Brands (NYSE:CALY) Share Price Breaks Above 50 Day Moving Average – Time to Sell?

Topgolf Callaway Brands Corp. (NYSE:CALY)’s share price passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $14.73 and traded as high as $15.19. Topgolf Callaway Brands shares last traded at $15.1550, with a volume of 1,369,159 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CALY shares. Weiss Ratings upgraded Topgolf Callaway Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. The Goldman Sachs Group upped their price target on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Wall Street Zen downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Truist Financial lifted their price objective on shares of Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, September 1st. Finally, Zacks Research cut shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.83.

Topgolf Callaway Brands Trading Up 3.7%

The stock has a 50-day simple moving average of $14.73 and a two-hundred day simple moving average of $15.65. The firm has a market capitalization of $2.71 billion, a P/E ratio of 35.24 and a beta of 0.96.

Topgolf Callaway Brands (NYSE:CALY) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%. The business had revenue of $612.20 million for the quarter. Topgolf Callaway Brands’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, research analysts expect that Topgolf Callaway Brands Corp. will post 0.75 EPS for the current year.

Insider Activity

In related news, EVP Glenn Hickey sold 28,843 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $18.74, for a total value of $540,517.82. Following the completion of the sale, the executive vice president directly owned 72,239 shares of the company’s stock, valued at $1,353,758.86. This represents a 28.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Oliver Brewer, III sold 1,400 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $18.00, for a total transaction of $25,200.00. Following the transaction, the chief executive officer owned 200,983 shares in the company, valued at approximately $3,617,694. The trade was a 0.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 97,717 shares of company stock valued at $1,800,492 over the last 90 days. 2.91% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Topgolf Callaway Brands

Hedge funds and other institutional investors have recently modified their holdings of the business. Park National Corp OH increased its holdings in Topgolf Callaway Brands by 6.9% during the third quarter. Park National Corp OH now owns 12,244 shares of the company’s stock valued at $173,000 after buying an additional 792 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Topgolf Callaway Brands during the second quarter worth $31,000. ProShare Advisors LLC lifted its holdings in Topgolf Callaway Brands by 8.9% during the third quarter. ProShare Advisors LLC now owns 21,865 shares of the company’s stock worth $308,000 after buying an additional 1,778 shares during the period. Nykredit A S purchased a new stake in Topgolf Callaway Brands during the second quarter worth $43,000. Finally, Yousif Capital Management LLC boosted its position in Topgolf Callaway Brands by 7.9% during the 3rd quarter. Yousif Capital Management LLC now owns 39,363 shares of the company’s stock valued at $555,000 after acquiring an additional 2,873 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands is a golf and active-lifestyle company formed through Callaway Golf Company’s acquisition of Topgolf, which was completed in 2021. The company has combined traditional golf equipment and apparel operations with Topgolf’s technology-enabled entertainment venues.

Its golf portfolio has included Callaway and Odyssey golf clubs, golf balls, wedges, putters and accessories, along with apparel and lifestyle products sold under brands such as TravisMathew and OGIO. Topgolf venues provide golf entertainment, food and beverage service, event hosting and digitally supported play for both experienced golfers and newcomers.

Based in Carlsbad, California, the company has served customers through sporting-goods retailers, specialty golf shops, mass merchants, e-commerce platforms and direct-to-consumer channels.