A top golf location in Oxon Hill, Maryland, on March 20, 2024.
Kent Nishimura | Bloomberg | Getty pictures
Sports entertainment, equipment and clothing stock Topgolf Callaway brands Ascension on Monday after a top -class company director bought stocks at the company.
The stocks rose by almost 15%and reached their highest level since May 13th.
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Topgolf Callaway shares rose on Monday.
The moves takes place after Adebayo Ogunlesi has bought shares worth around 2.5 million US dollars last week, which were announced on Friday in a securities registration.
Purchase of managers and directors of companies can sometimes be seen as a trust vote to the company, and this purchase comes from an insider with the type of curriculum vitae that Wall Street likes.
Ogunlesi is a founding partner and CEO of Global Infrastructure Partners, which was taken over by Blackrock worth 12 billion US dollars last year. Ogunlesi now serves after this deal on the board of Blackrock and also joined the Openai board in January.
The purchase of Ogunlesi takes place after a difficult time for Topgolf Callaway. Even after the rally on Monday, the shares decreased by 6% in 2025 and more than 50% last year. Overall, the stock has achieved a negative return since Callaway has first announced the acquisition of Topgolf in October 2020.
According to Veritydata, this has been the first purchase of Topgolf Callaway shares from Ogunlesi since June 2023. The shares have dropped by about 60% since this purchase.