Churchill Downs Incorporated (NASDAQ:CHDN) Short Interest Down 11.2% in July

Churchill Downs Incorporated (NASDAQ:CHDN) was the recipient of a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 1,270,000 shares, a drop of 11.2% from the July 15th total of 1,430,000 shares. Based on an average daily volume of 491,700 shares, the short-interest ratio is presently 2.6 days.

Institutional Investors Weigh In On Churchill Downs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UMB Bank n.a. raised its holdings in Churchill Downs by 59.8% during the first quarter. UMB Bank n.a. now owns 286 shares of the company’s stock valued at $35,000 after acquiring an additional 107 shares during the period. Benjamin F. Edwards & Company Inc. bought a new stake in Churchill Downs during the 4th quarter valued at approximately $39,000. Vestor Capital LLC purchased a new position in Churchill Downs in the 4th quarter worth approximately $45,000. Central Pacific Bank Trust Division bought a new position in Churchill Downs in the 1st quarter worth approximately $44,000. Finally, CWM LLC grew its holdings in Churchill Downs by 36.8% during the 2nd quarter. CWM LLC now owns 439 shares of the company’s stock valued at $61,000 after buying an additional 118 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Stock Performance

CHDN stock traded down $0.93 during trading on Friday, reaching $136.91. The stock had a trading volume of 283,614 shares, compared to its average volume of 437,749. The firm has a market cap of $10.06 billion, a PE ratio of 30.49, a PEG ratio of 2.34 and a beta of 0.97. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 4.65. The stock’s 50 day moving average is $138.72 and its two-hundred day moving average is $129.47. Churchill Downs has a 52 week low of $106.45 and a 52 week high of $146.64.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share (EPS) 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 company had revenue of $890.70 million during the quarter, compared to analyst estimates of $858.59 million. During the same period in the previous year, the business posted $2.24 earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, equities analysts anticipate that Churchill Downs will post 6.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CHDN shares. Jefferies Financial Group increased their price objective on Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Truist Financial reissued a “buy” rating and set a $166.00 price target (up from $165.00) on shares of Churchill Downs in a research report on Friday, July 26th. Mizuho boosted their price objective on shares of Churchill Downs from $143.00 to $157.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. StockNews.com raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Macquarie boosted their price target on Churchill Downs from $154.00 to $162.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Churchill Downs currently has an average rating of “Moderate Buy” and an average price target of $156.90.

About Churchill Downs

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.