Churchill Downs (NASDAQ:CHDN) Hits New 52-Week Low – Here’s Why

Churchill Downs, Incorporated (NASDAQ:CHDN)’s stock price reached a new 52-week low on Friday . The stock traded as low as $83.86 and last traded at $83.95, with a volume of 612228 shares changing hands. The stock had previously closed at $90.04.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CHDN shares. Wells Fargo & Company dropped their price target on Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Citigroup reaffirmed an “outperform” rating on shares of Churchill Downs in a research note on Wednesday, January 14th. Jefferies Financial Group reiterated a “buy” rating on shares of Churchill Downs in a research report on Wednesday, December 24th. Finally, Citizens Jmp boosted their price target on shares of Churchill Downs from $142.00 to $146.00 and gave the stock a “market outperform” rating in a research note on Wednesday, January 14th. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $135.00.

Churchill Downs Stock Down 6.9%

The stock has a market cap of $5.84 billion, a P/E ratio of 15.94, a P/E/G ratio of 1.39 and a beta of 0.65. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 5.02. The company has a 50-day simple moving average of $99.74 and a two-hundred day simple moving average of $101.36.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, February 25th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.12. Churchill Downs had a net margin of 13.09% and a return on equity of 43.26%. The firm had revenue of $665.90 million for the quarter, compared to analysts’ expectations of $658.01 million. During the same quarter last year, the business earned $0.92 earnings per share. The business’s revenue was up 6.7% on a year-over-year basis. On average, equities analysts forecast that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Hedge Funds Weigh In On Churchill Downs

A number of hedge funds have recently modified their holdings of the company. Measured Wealth Private Client Group LLC bought a new position in Churchill Downs during the 3rd quarter valued at approximately $25,000. First Horizon Corp bought a new position in shares of Churchill Downs during the third quarter valued at approximately $26,000. Quent Capital LLC bought a new position in shares of Churchill Downs during the third quarter valued at approximately $27,000. Geneos Wealth Management Inc. lifted its stake in Churchill Downs by 1,364.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock worth $28,000 after acquiring an additional 232 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in Churchill Downs by 1,670.6% in the third quarter. Farther Finance Advisors LLC now owns 301 shares of the company’s stock valued at $29,000 after acquiring an additional 284 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Company Profile

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.