Churchill Downs Incorporated (NASDAQ:CHDN) Short Interest Update

Churchill Downs Incorporated (NASDAQ:CHDN) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 1,890,000 shares, a decrease 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 days-to-cover ratio is presently 5.1 days.

Analyst Upgrades and Downgrades

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

Institutional Trading of Churchill Downs

Several hedge funds and other institutional investors have recently bought and sold shares of CHDN. State Street Corp lifted its holdings in shares of Churchill Downs by 99.5% during the 2nd quarter. State Street Corp now owns 1,838,002 shares of the company’s stock worth $255,795,000 after acquiring an additional 916,516 shares during the period. Norges Bank bought a new position in shares of Churchill Downs during the 4th quarter worth about $94,137,000. Boston Partners bought a new position in shares of Churchill Downs during the 3rd quarter worth about $47,479,000. Balyasny Asset Management L.P. lifted its holdings in Churchill Downs by 113.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 463,555 shares of the company’s stock valued at $62,547,000 after purchasing an additional 246,769 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in Churchill Downs by 28.9% during the 4th quarter. Jennison Associates LLC now owns 803,074 shares of the company’s stock valued at $108,359,000 after purchasing an additional 179,814 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Stock Performance

NASDAQ CHDN opened at $124.10 on Wednesday. The company has a debt-to-equity ratio of 5.34, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market capitalization of $9.14 billion, a price-to-earnings ratio of 22.75 and a beta of 1.03. The company’s fifty day moving average is $119.68 and its two-hundred day moving average is $120.28. Churchill Downs has a 52-week low of $106.45 and a 52-week high of $150.45.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, February 21st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.18. The company had revenue of $561.20 million for the quarter, compared to analyst estimates of $553.05 million. Churchill Downs had a net margin of 16.95% and a return on equity of 45.43%. The business’s quarterly revenue was up 16.9% on a year-over-year basis. During the same period last year, the business posted $0.73 EPS. Equities research analysts forecast that Churchill Downs will post 5.58 EPS for the current year.

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.