Churchill Downs (NASDAQ:CHDN) Shares Gap Down – Should You Sell?

Churchill Downs Incorporated (NASDAQ:CHDN) gapped down prior to trading on Thursday . The stock had previously closed at $134.13, but opened at $130.10. Churchill Downs shares last traded at $137.21, with a volume of 66,533 shares trading hands.

Analyst Ratings Changes

CHDN has been the subject of several research reports. Mizuho reduced their price target on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a research report on Tuesday. JMP Securities reiterated a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research report on Monday, October 14th. Truist Financial reissued a “buy” rating and issued a $166.00 price objective (up previously from $165.00) on shares of Churchill Downs in a research report on Friday, July 26th. Stifel Nicolaus upped their price objective on Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Macquarie boosted their price target on Churchill Downs from $154.00 to $162.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $161.00.

Churchill Downs Stock Performance

The company has a debt-to-equity ratio of 4.65, a quick ratio of 0.57 and a current ratio of 0.57. The company has a 50 day moving average price of $137.70 and a 200 day moving average price of $135.68. The company has a market capitalization of $10.10 billion, a PE ratio of 30.50, a PEG ratio of 2.06 and a beta of 0.97.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. The company had revenue of $628.50 million during the quarter, compared to the consensus estimate of $627.90 million. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. The company’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.87 EPS. Equities analysts forecast that Churchill Downs Incorporated will post 6.13 EPS for the current year.

Institutional Investors Weigh In On Churchill Downs

Institutional investors have recently made changes to their positions in the company. Kimelman & Baird LLC acquired a new position in Churchill Downs during the 2nd quarter worth $42,000. Central Pacific Bank Trust Division purchased a new position in Churchill Downs during the first quarter valued at approximately $44,000. CWM LLC lifted its position in Churchill Downs by 36.8% in the 2nd quarter. CWM LLC now owns 439 shares of the company’s stock worth $61,000 after buying an additional 118 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Churchill Downs by 82.8% during the 3rd quarter. UMB Bank n.a. now owns 563 shares of the company’s stock valued at $76,000 after buying an additional 255 shares during the period. Finally, Bank & Trust Co purchased a new stake in shares of Churchill Downs during the second quarter worth $84,000. 82.59% of the stock is currently owned by institutional investors.

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.