Topgolf Callaway surges after director unveils buying $2.5 mln worth of stock

Anta Sports Products

09/06/2025 18:41

** Shares of Topgolf Callaway Brands MODG.N up 14.9% to $7.39, a four-week high, on Mon after director discloses stock purchase

** MODG shares among top S&P 1500 index .SPSUP performers and on course for biggest one-day pct advance since Apr 2020

** Director Adebayo Ogunlesi bought 383,700 shares last week for roughly $2.5 mln, according to SEC filing late Fri

** Ogunlesi, CEO of Global Infrastructure Partners, a part of BlackRock Inc BLK.N, now owns about 611,000 shares following the transactions

** Carlsbad, California-based MODG has ~183.8 mln shares outstanding, giving it nearly $1.4 bln market cap

** Last week, MODG completed $290 mln sale of its German producer of outdoor wear and equipment Jack Wolfskin business to China's ANTA Sports 2020.HK

** In Sept, MODG said it would separate into two independent firms - Callaway and Topgolf - via a tax-free spin-off

** With move on Mon, stock down ~6% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))