Topgolf Callaway Brands (NYSE:CALY) Share Price Crosses Above Fifty Day Moving Average – Should You 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 traded.

Analyst Ratings Changes

Several research analysts recently commented on the stock. KeyCorp boosted their price objective on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note 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. UBS Group cut their price target on shares of Topgolf Callaway Brands from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Monday, September 14th. B. Riley Financial reaffirmed a “buy” rating and set a $23.00 price target (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. Finally, Weiss Ratings upgraded Topgolf Callaway Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $19.83.

Topgolf Callaway Brands Trading Down 0.1%

The company’s 50-day moving average is $14.72 and its 200 day moving average is $15.65. The stock has a market capitalization of $2.71 billion, a PE ratio of 35.30 and a beta of 0.96.

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

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III sold 67,474 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $18.30, for a total transaction of $1,234,774.20. Following the sale, the chief executive officer owned 201,276 shares in the company, valued at approximately $3,683,350.80. The trade was a 25.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Glenn F. Hickey sold 28,843 shares of the 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 transaction, the executive vice president directly owned 72,239 shares in the company, valued at $1,353,758.86. This represents a 28.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 97,717 shares of company stock worth $1,800,492. 2.91% of the stock is owned by insiders.

Institutional Investors Weigh In On Topgolf Callaway Brands

Large investors have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund increased its stake in shares of Topgolf Callaway Brands by 12.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 34,821 shares of the company’s stock worth $491,000 after acquiring an additional 3,800 shares during the period. ProShare Advisors LLC raised its holdings in shares of 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 purchasing an additional 1,778 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in Topgolf Callaway Brands by 3.2% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 203,100 shares of the company’s stock valued at $2,862,000 after purchasing an additional 6,300 shares during the period. Choreo LLC acquired a new position in Topgolf Callaway Brands during the third quarter valued at $145,000. Finally, Inspire Investing LLC boosted its holdings in Topgolf Callaway Brands by 24.1% in the third quarter. Inspire Investing LLC now owns 44,705 shares of the company’s stock valued at $630,000 after purchasing an additional 8,689 shares during the last quarter. Hedge funds and other institutional investors own 84.69% of the company’s stock.

About Topgolf Callaway Brands

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.