Acushnet (NYSE:GOLF) Shares Gap Up – Here’s Why

Shares of Acushnet Holdings Corp. (NYSE:GOLF) gapped up prior to trading on Tuesday . The stock had previously closed at $63.83, but opened at $70.79. Acushnet shares last traded at $69.41, with a volume of 169,040 shares.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Truist Financial raised their target price on Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lowered shares of Acushnet from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $69.00 to $64.00 in a research note on Thursday, January 23rd.

Acushnet Stock Performance

The business’s fifty day moving average price is $71.04 and its 200-day moving average price is $67.90. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.10 and a quick ratio of 1.14. The stock has a market capitalization of $4.16 billion, a PE ratio of 23.30 and a beta of 0.86.

Insiders Place Their Bets

In other news, insider Christopher Aaron Lindner sold 5,000 shares of Acushnet stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $73.91, for a total value of $369,550.00. Following the sale, the insider now directly owns 88,710 shares in the company, valued at approximately $6,556,556.10. This trade represents a 5.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 54.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GOLF. Blue Trust Inc. raised its stake in Acushnet by 100.6% in the fourth quarter. Blue Trust Inc. now owns 351 shares of the company’s stock worth $25,000 after buying an additional 176 shares in the last quarter. Brown Lisle Cummings Inc. purchased a new position in Acushnet during the third quarter valued at $40,000. Prospera Private Wealth LLC bought a new stake in shares of Acushnet during the 3rd quarter valued at $41,000. nVerses Capital LLC purchased a new stake in shares of Acushnet in the 3rd quarter worth about $57,000. Finally, Quarry LP lifted its position in Acushnet by 745.6% during the 3rd quarter. Quarry LP now owns 1,057 shares of the company’s stock valued at $67,000 after acquiring an additional 932 shares during the period. 53.12% of the stock is owned by hedge funds and other institutional investors.

About Acushnet

Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Africa, Japan, Korea, and internationally. The company operates through four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear.