Churchill Downs (NASDAQ:CHDN) Stock Price Up 4.7% - Here's What Happened

Key Points

• Churchill Downs shares rose 4.7% to $90.59, despite trading volume being 62% below the average daily level.
• Analysts maintain a “Moderate Buy” consensus, with nine Buy ratings, one Sell rating, and an average price target of $136.88.
• The company matched quarterly EPS estimates at $3.45 and reported $980 million in revenue, up 4.9% year over year; institutional investors own 82.59% of the stock.

Churchill Downs, Incorporated (NASDAQ:CHDN - Get Free Report)'s stock price was up 4.7% during trading on Friday . The company traded as high as $90.70 and last traded at $90.59. Approximately 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 Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a "sell (d+)" rating on shares of Churchill Downs in a research report on Friday, July 31st. Jefferies Financial Group reaffirmed a "buy" rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Susquehanna lifted their target price on shares of Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a report on Friday, July 31st. Truist Financial set a $145.00 price objective on Churchill Downs in a research report on Friday, June 12th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Churchill Downs in a research report on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Churchill Downs currently has a consensus rating of "Moderate Buy" and a consensus target price of $136.88.

Churchill Downs Stock Up 4.3%

The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06. The company has a fifty day simple moving average of $87.21 and a 200-day simple moving average of $88.67. The firm has a market cap of $6.29 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 0.83 and a beta of 0.68.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, meeting analysts' consensus estimates of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The firm had revenue of $980.00 million for the quarter, compared to analysts' expectations of $977.38 million. During the same period in the previous year, the firm earned $3.10 EPS. The business's quarterly revenue was up 4.9% on a year-over-year basis. On average, equities analysts anticipate that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System raised its holdings in Churchill Downs by 8,697.6% during the second quarter. California State Teachers Retirement System now owns 6,477,297 shares of the company's stock valued at $580,625,000 after acquiring an additional 6,403,671 shares during the period. BlackRock Inc. purchased a new stake in shares of Churchill Downs during the second quarter worth about $555,948,000. William Blair Investment Management LLC bought a new stake in Churchill Downs during the 2nd quarter valued at approximately $92,340,000. Norges Bank bought a new stake in Churchill Downs during the 4th quarter valued at approximately $90,529,000. Finally, AQR Capital Management LLC lifted its holdings in Churchill Downs by 22,974.8% in the 2nd quarter. AQR Capital Management LLC now owns 788,006 shares of the company's stock worth $79,352,000 after purchasing an additional 784,591 shares in the last quarter. Institutional investors own 82.59% of the company's stock.

About Churchill Downs

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.

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