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Shares of Topgolf Callaway Brands Corp. (NASDAQ:MODG) are rising Friday following a report about a potential sale of the topgolf unit.
What To Know: Topgolf, which runs golfing entertainment parks, is in talks to be sold to private equity firm Leonard Green, according to The Wall Street Journal.
The deal would value the company at $1 billion, which is around twice its current market value. Leonard Green already owns a small stake in Topgolf.
In Topgolf’s last earnings report, the company said net revenue fell 7.8% to $934 million. Its losses-per-share also grew, going from 2 cents to 8 cents.
MODG Analysis: Topgolf is trading approximately 18% above its 50-day moving average of $9.49 and around 38.7% above its 200-day moving average of $8.08. This positioning suggests a robust bullish sentiment, as the stock is well above both key moving averages, which typically serve as indicators of support. The relative strength index (RSI) at 62.79 indicates that the stock is nearing overbought territory, yet it remains in a neutral zone, allowing for potential further upside.
In terms of resistance, the immediate psychological barrier appears to be the 52-week high of $11.60, which could act as a significant point of interest for traders. Should the stock break through this level, it may attract additional buying interest, potentially leading to new highs. Conversely, the 50-day moving average may serve as a primary support level, providing a cushion against any pullbacks.
MODG Price Action: Topgolf shares were up 6.47% at $11.27 at the time of publication on Friday. The stock is approaching its 52-week high of $11.60.
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Posted In: MODG
