A Topgolf location in Oxon Hill, Maryland, on March 20, 2024.
Kent Nishimura | Bloomberg | Getty Images
Sports entertainment, equipment and apparel stock Topgolf Callaway Brands surged on Monday after a high-profile corporate director bought shares in the company.
Shares rose almost 15%, hitting their highest level since May 13.
Topgolf Callaway shares surged on Monday.
The moves comes after board member Adebayo Ogunlesi purchased about $2.5 million worth of shares last week, disclosed in a securities filing on Friday.
Purchases by corporate executives and directors can sometimes be seen as a vote of confidence in the company, and this purchase comes from an insider with the type of resume that Wall Street likes.
Ogunlesi is a founding partner and CEO of Global Infrastructure Partners, which was acquired by BlackRock last year in a $12 billion deal. Ogunlesi now serves on BlackRock's board after that deal, and he also joined the OpenAI board in January.
The purchase by Ogunlesi comes after a difficult period for Topgolf Callaway. Even after Monday's rally, shares are down 6% in 2025 and more than 50% over the past year. Overall, the stock has delivered a negative return since Callaway first announced its acquisition of Topgolf in October 2020.
This is Ogunlesi's first purchase of Topgolf Callaway stock since June 2023, according to VerityData. Shares have dropped about 60% since that purchase.
