Churchill Downs Incorporated (NASDAQ:CHDN) Sees Significant Increase in Short Interest

Churchill Downs Incorporated (NASDAQ:CHDN) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 1,360,000 shares, a growth of 27.1% from the September 15th total of 1,070,000 shares. Based on an average trading volume of 408,100 shares, the short-interest ratio is presently 3.3 days.

Analyst Ratings Changes

Several equities research analysts have issued reports on CHDN shares. Wells Fargo & Company raised their price objective on shares of Churchill Downs from $150.00 to $161.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Stifel Nicolaus raised their price objective on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Truist Financial restated a “buy” rating and set a $166.00 price objective (up from $165.00) on shares of Churchill Downs in a research report on Friday, July 26th. Bank of America upgraded shares of Churchill Downs from a “neutral” rating to a “buy” rating and lifted their price target for the company from $145.00 to $155.00 in a research report on Monday, August 12th. Finally, JMP Securities lifted their price target on shares of Churchill Downs from $158.00 to $166.00 and gave the company a “market outperform” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $158.33.

Institutional Investors Weigh In On Churchill Downs

Large investors have recently modified their holdings of the stock. Jennison Associates LLC increased its stake in shares of Churchill Downs by 5.6% during the 1st quarter. Jennison Associates LLC now owns 847,847 shares of the company’s stock worth $104,921,000 after purchasing an additional 44,773 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in Churchill Downs by 12.6% in the 1st quarter. Westfield Capital Management Co. LP now owns 423,521 shares of the company’s stock valued at $52,411,000 after buying an additional 47,269 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Churchill Downs by 6.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 151,377 shares of the company’s stock valued at $20,425,000 after buying an additional 9,354 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in Churchill Downs by 259.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 19,857 shares of the company’s stock valued at $2,772,000 after buying an additional 14,331 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Churchill Downs by 10,126.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 195,829 shares of the company’s stock valued at $27,338,000 after buying an additional 193,914 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Down 0.7 %

Shares of CHDN stock traded down $0.92 on Friday, reaching $139.07. 408,007 shares of the company were exchanged, compared to its average volume of 429,422. The company has a market cap of $10.22 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.06 and a beta of 0.97. The company has a 50-day moving average of $137.14 and a 200-day moving average of $134.95. The company has a debt-to-equity ratio of 4.65, a current ratio of 0.57 and a quick ratio of 0.57. Churchill Downs has a one year low of $106.45 and a one year high of $146.64.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.18. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. The business had revenue of $890.70 million for the quarter, compared to analysts’ expectations of $858.59 million. During the same quarter last year, the firm earned $2.24 EPS. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. Analysts anticipate that Churchill Downs will post 6.13 earnings per share 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; casino gaming; and Terre Haute Casino Resort.