Churchill Downs Target of Unusually Large Options Trading (NASDAQ:CHDN)

Churchill Downs, Incorporated (NASDAQ:CHDN) was the recipient of unusually large options trading activity on Wednesday. Traders acquired 17,307 put options on the company. This represents an increase of 964% compared to the average volume of 1,626 put options.

Churchill Downs Trading Down 0.3%

Shares of Churchill Downs stock traded down $0.23 on Wednesday, reaching $89.63. The company had a trading volume of 347,420 shares, compared to its average volume of 946,042. The firm’s 50 day moving average price is $89.74 and its two-hundred day moving average price is $96.53. The firm has a market cap of $6.25 billion, a PE ratio of 16.60, a PEG ratio of 0.61 and a beta of 0.68. Churchill Downs has a 52-week low of $80.24 and a 52-week high of $118.46. The company has a debt-to-equity ratio of 4.44, a quick ratio of 0.54 and a current ratio of 0.54.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.15. The business had revenue of $663.00 million for the quarter, compared to the consensus estimate of $659.32 million. Churchill Downs had a net margin of 13.21% and a return on equity of 43.50%. The business’s revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS. Sell-side analysts predict that Churchill Downs will post 7.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Churchill Downs

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Measured Wealth Private Client Group LLC acquired a new position in shares of Churchill Downs in the third quarter valued at approximately $25,000. Geneos Wealth Management Inc. grew its holdings in shares of Churchill Downs by 1,364.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock valued at $28,000 after purchasing an additional 232 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Churchill Downs by 293.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 256 shares of the company’s stock valued at $29,000 after purchasing an additional 191 shares in the last quarter. Root Financial Partners LLC grew its holdings in shares of Churchill Downs by 1,173.1% in the first quarter. Root Financial Partners LLC now owns 331 shares of the company’s stock valued at $30,000 after purchasing an additional 305 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Churchill Downs in the fourth quarter valued at approximately $38,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Mizuho boosted their price target on shares of Churchill Downs from $146.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Citigroup restated an “outperform” rating on shares of Churchill Downs in a research report on Friday, April 24th. Weiss Ratings downgraded shares of Churchill Downs from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Truist Financial set a $145.00 target price on shares of Churchill Downs in a research note on Friday. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Churchill Downs in a research note on Tuesday, April 21st. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $139.00.

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.