Topgolf Callaway Brands Corp. tumbled on Thursday after weaker-than-expected sales trends at its namesake chain of high-tech driving ranges spurred two Wall Street analysts to downgrade their ratings on the company.

Its shares slid 17% in the biggest one-day drop since October 2020. After the market closed on Wednesday, the golf-equipment company said Topgolf same-venue sales declined 3% year over year in the third quarter due to softer-than-expected demand, as well as extreme heat that impacted venues in southern markets. It also lowered its full-year projections for Topgolf same-venue sales growth, total revenue and adjusted Ebitda.