Churchill Downs Incorporated (NASDAQ:CHDN) Short Interest Update

Churchill Downs Incorporated (NASDAQ:CHDN) was the target of a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 1,890,000 shares, a decline of 6.0% from the March 15th total of 2,010,000 shares. Based on an average daily trading volume, of 367,600 shares, the short-interest ratio is presently 5.1 days.

Churchill Downs Stock Performance

Churchill Downs stock traded up $1.91 during mid-day trading on Tuesday, reaching $124.10. The company’s stock had a trading volume of 408,719 shares, compared to its average volume of 365,744. Churchill Downs has a twelve month low of $106.45 and a twelve month high of $150.45. The firm has a market cap of $9.14 billion, a price-to-earnings ratio of 22.40 and a beta of 1.03. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 5.34. The business has a 50 day moving average price of $119.62 and a 200-day moving average price of $120.23.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, February 21st. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.18. Churchill Downs had a net margin of 16.95% and a return on equity of 45.43%. The company had revenue of $561.20 million during the quarter, compared to the consensus estimate of $553.05 million. During the same quarter in the previous year, the company posted $0.73 earnings per share. The company’s revenue for the quarter was up 16.9% compared to the same quarter last year. Sell-side analysts predict that Churchill Downs will post 5.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CHDN. JMP Securities restated a “market outperform” rating and issued a $150.00 price target on shares of Churchill Downs in a research note on Wednesday, April 10th. Mizuho began coverage on shares of Churchill Downs in a research note on Tuesday, March 26th. They issued a “buy” rating and a $142.00 price target for the company. Finally, Wells Fargo & Company upgraded shares of Churchill Downs from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $137.00 to $141.00 in a research note on Monday. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.13.

Hedge Funds Weigh In On Churchill Downs

Hedge funds and other institutional investors have recently modified their holdings of the company. Belpointe Asset Management LLC lifted its holdings in Churchill Downs by 181.3% in the first quarter. Belpointe Asset Management LLC now owns 225 shares of the company’s stock worth $58,000 after purchasing an additional 145 shares during the period. Castleview Partners LLC bought a new stake in Churchill Downs in the second quarter worth about $38,000. Rockefeller Capital Management L.P. raised its position in Churchill Downs by 174.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 283 shares of the company’s stock worth $59,000 after acquiring an additional 180 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Churchill Downs in the fourth quarter worth about $39,000. Finally, Vestor Capital LLC bought a new stake in Churchill Downs in the fourth quarter worth about $45,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; and casino gaming.