# Topgolf Callaway Brands Corp. (MODG)

callaway golf company (nyse: ely) manufactures and sells clubs and balls, and sells golf accessories under the callaway golf and odyssey brands worldwide. we push the limits of performance and innovation to develop drivers, fairway woods, golf balls, hybrids, irons and odyssey putters that are designed to make every golfer a better golfer. for more information please visit www.callawaygolf.com. for all the latest news from callaway, follow us on: facebook: https://www.facebook.com/callaway twitter: https://twitter.com/callawaygolf instagram: http://instagram.com/callawaygolf youtube: http://www.youtube.com/callaway blog: http://blog.callawaygolf.com/

## Stock Price Trends

Stock price trends estimated using linear regression.

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#### Key facts

• The primary trend is decreasing.
• The decline rate of the primary trend is 24.35% per annum.
• MODG price at the close of February 16, 2024 was \$14.82 and was inside the primary price channel.
• The secondary trend is decreasing.
• The decline rate of the secondary trend is 48.53% per annum.
• MODG price at the close of February 16, 2024 was higher than the top border of the secondary price channel by \$0.15 (1.01%). This indicates a possible reversal in the secondary trend direction.

### Linear Regression Model

Model equation:
Yi = α + β × Xi + εi

Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)

Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)

where:

i - observation number
Yi - natural logarithm of MODG price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e

### Primary Trend

Start date:
End date:

a =

b =

s =

Annual growth rate:

Exp(365 × b) – 1
= Exp(365 × ) – 1
=

Exp(4 × s) – 1
= Exp(4 × ) – 1
=

#### February 3, 2021 calculations

Top border of price channel:

Exp(Y)
= Exp(a + b × X + 2 × s)
= Exp(a + b × + 2 × s)
= Exp( + × + 2 × )
= Exp()
= \$

Bottom border of price channel:

Exp(Y)
= Exp(a + b × X – 2 × s)
= Exp(a + b × – 2 × s)
= Exp( + × – 2 × )
= Exp()
= \$

#### February 16, 2024 calculations

Top border of price channel:

Exp(Y)
= Exp(a + b × X + 2 × s)
= Exp(a + b × + 2 × s)
= Exp( + × + 2 × )
= Exp()
= \$

Bottom border of price channel:

Exp(Y)
= Exp(a + b × X – 2 × s)
= Exp(a + b × – 2 × s)
= Exp( + × – 2 × )
= Exp()
= \$

#### Description

• The primary trend is decreasing.
• The decline rate of the primary trend is 24.35% per annum.
• MODG price at the close of February 16, 2024 was \$14.82 and was inside the primary price channel.

### Secondary Trend

Start date:
End date:

a =

b =

s =

Annual growth rate:

Exp(365 × b) – 1
= Exp(365 × ) – 1
=

Exp(4 × s) – 1
= Exp(4 × ) – 1
=

#### January 13, 2023 calculations

Top border of price channel:

Exp(Y)
= Exp(a + b × X + 2 × s)
= Exp(a + b × + 2 × s)
= Exp( + × + 2 × )
= Exp()
= \$

Bottom border of price channel:

Exp(Y)
= Exp(a + b × X – 2 × s)
= Exp(a + b × – 2 × s)
= Exp( + × – 2 × )
= Exp()
= \$

#### February 16, 2024 calculations

Top border of price channel:

Exp(Y)
= Exp(a + b × X + 2 × s)
= Exp(a + b × + 2 × s)
= Exp( + × + 2 × )
= Exp()
= \$

Bottom border of price channel:

Exp(Y)
= Exp(a + b × X – 2 × s)
= Exp(a + b × – 2 × s)
= Exp( + × – 2 × )
= Exp()
= \$

#### Description

• The secondary trend is decreasing.
• The decline rate of the secondary trend is 48.53% per annum.
• MODG price at the close of February 16, 2024 was higher than the top border of the secondary price channel by \$0.15 (1.01%). This indicates a possible reversal in the secondary trend direction.