Churchill Downs (NASDAQ:CHDN) Trading 4.7% Higher – Here’s What Happened

Churchill Downs, Incorporated (NASDAQ:CHDN) shot up 4.7% during mid-day trading on Friday . The company traded as high as $90.70 and last traded at $90.59. 371,222 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 970,497 shares. The stock had previously closed at $86.51.

Wall Street Analyst Weigh In

A number of research firms recently commented on CHDN. Jefferies Financial Group reiterated a “buy” rating on shares of Churchill Downs in a research note on Thursday, July 2nd. Citizens Jmp reduced their price target on shares of Churchill Downs from $149.00 to $137.00 and set a “market outperform” rating for the company in a research report on Friday, July 31st. Mizuho lifted their target price on Churchill Downs from $155.00 to $157.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Citigroup reiterated an “outperform” rating on shares of Churchill Downs in a report on Friday, July 31st. Finally, Truist Financial set a $145.00 price objective on shares of Churchill Downs in a research note on Friday, June 12th. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $136.88.

Churchill Downs Stock Performance

The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.06. The company has a market cap of $6.27 billion, a P/E ratio of 15.42, a P/E/G ratio of 0.85 and a beta of 0.68. The firm’s fifty day moving average price is $87.24 and its 200-day moving average price is $88.68.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, hitting analysts’ consensus estimates of $3.45. The company had revenue of $980.00 million during the quarter, compared to the consensus estimate of $977.38 million. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $3.10 EPS. As a group, research analysts forecast that Churchill Downs, Incorporated will post 7.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Churchill Downs

A number of hedge funds have recently modified their holdings of CHDN. Quadrant Capital Group LLC raised its stake in Churchill Downs by 4.7% during the 3rd quarter. Quadrant Capital Group LLC now owns 2,619 shares of the company’s stock worth $254,000 after buying an additional 118 shares during the period. Sanctuary Advisors LLC boosted its holdings in Churchill Downs by 0.5% during the first quarter. Sanctuary Advisors LLC now owns 27,600 shares of the company’s stock worth $2,479,000 after purchasing an additional 125 shares during the last quarter. Nebula Research & Development LLC grew its holdings in shares of Churchill Downs by 4.8% in the 2nd quarter. Nebula Research & Development LLC now owns 3,421 shares of the company’s stock valued at $346,000 after acquiring an additional 158 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Churchill Downs by 7.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,501 shares of the company’s stock worth $285,000 after purchasing an additional 169 shares during the last quarter. Finally, Coldstream Capital Management Inc. raised its stake in Churchill Downs by 5.5% in the third quarter. Coldstream Capital Management Inc. now owns 3,376 shares of the company’s stock valued at $327,000 after buying an additional 177 shares during the period. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Company Profile

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.