Churchill Downs Incorporated (NASDAQ:CHDN) Short Interest Up 7.2% in March

Posted by on Apr 23rd, 2023

Churchill Downs Incorporated (NASDAQ:CHDN – Get Rating) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 1,000,000 shares, a growth of 7.2% from the March 15th total of 932,900 shares. Approximately 3.0% of the shares of the company are short sold. Based on an average daily trading volume, of 183,400 shares, the short-interest ratio is presently 5.5 days.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CHDN. Truist Financial began coverage on shares of Churchill Downs in a report on Friday, March 17th. They issued a “buy” rating and a $300.00 price target on the stock. StockNews.com began coverage on shares of Churchill Downs in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Susquehanna lifted their price target on shares of Churchill Downs from $283.00 to $286.00 and gave the company a “positive” rating in a research report on Monday, February 27th. Finally, JMP Securities lifted their price target on shares of Churchill Downs from $273.00 to $298.00 and gave the company an “outperform” rating in a research report on Monday, April 17th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Churchill Downs has a consensus rating of “Moderate Buy” and an average target price of $277.83.

Insider Activity

In related news, COO William E. Mudd sold 20,000 shares of the business’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $246.46, for a total value of $4,929,200.00. Following the sale, the chief operating officer now directly owns 306,003 shares in the company, valued at approximately $75,417,499.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.98% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Churchill Downs by 2.2% during the first quarter. BlackRock Inc. now owns 3,380,964 shares of the company’s stock worth $749,830,000 after buying an additional 73,505 shares in the last quarter. State Street Corp grew its stake in shares of Churchill Downs by 0.3% in the 2nd quarter. State Street Corp now owns 912,850 shares of the company’s stock valued at $174,838,000 after purchasing an additional 2,303 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Churchill Downs by 44.1% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 570,249 shares of the company’s stock worth $120,568,000 after purchasing an additional 174,525 shares during the period. Geode Capital Management LLC lifted its stake in shares of Churchill Downs by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 482,077 shares of the company’s stock worth $101,925,000 after acquiring an additional 19,121 shares during the period. Finally, Balyasny Asset Management LLC increased its stake in shares of Churchill Downs by 93.6% during the third quarter. Balyasny Asset Management LLC now owns 360,907 shares of the company’s stock worth $66,461,000 after acquiring an additional 174,468 shares during the period. 72.61% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Price Performance

Shares of CHDN stock opened at $257.71 on Friday. The stock has a market capitalization of $9.65 billion, a price-to-earnings ratio of 22.63, a P/E/G ratio of 3.48 and a beta of 1.11. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 8.27. Churchill Downs has a twelve month low of $172.75 and a twelve month high of $264.11. The stock has a fifty day simple moving average of $248.50 and a two-hundred day simple moving average of $229.32.

Churchill Downs (NASDAQ:CHDN – Get Rating) last posted its earnings results on Wednesday, February 22nd. The company reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.20). The firm had revenue of $480.10 million for the quarter, compared to analysts’ expectations of $473.71 million. Churchill Downs had a net margin of 24.28% and a return on equity of 60.32%. The company’s revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.27 EPS. On average, analysts predict that Churchill Downs will post 10.89 EPS for the current fiscal year.

Churchill Downs Company Profile

(Get Rating)

Churchill Downs, Inc operates as a provider of pari-mutuel horse racing, online account wagering on horse racing and casino gaming. It operates through the following business segments: Racing, Casino, Online Wagering, Corporate, and Other Investments. The Racing segment includes Churchill Downs Racetrack, Arlington Park Racecourse, Calder Race Course, and Fair Grounds Race Course.

Featured Articles

Receive News & Ratings for Churchill Downs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Churchill Downs and related companies with MarketBeat.com's FREE daily email newsletter.