Churchill Downs (NASDAQ:CHDN) Hits New 1-Year Low – Should You Sell?

Churchill Downs, Incorporated (NASDAQ:CHDN) hit a new 52-week low on Wednesday . The company traded as low as $78.76 and last traded at $78.8880, with a volume of 35354 shares changing hands. The stock had previously closed at $79.49.

Analyst Upgrades and Downgrades

Several research firms recently commented on CHDN. Mizuho lifted their price objective on Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Wolfe Research initiated coverage on shares of Churchill Downs in a report on Wednesday, September 2nd. They issued an “outperform” rating and a $119.00 target price on the stock. Weiss Ratings raised shares of Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, September 2nd. Truist Financial set a $145.00 target price on shares of Churchill Downs in a research note on Friday, June 12th. Finally, Susquehanna increased their price target on Churchill Downs from $121.00 to $124.00 and gave the company a “positive” rating in a report on Friday, July 31st. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.89.

Churchill Downs Price Performance

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 stock has a market cap of $5.55 billion, a P/E ratio of 13.67, a P/E/G ratio of 0.78 and a beta of 0.67. The firm has a 50 day moving average price of $86.35 and a 200 day moving average price of $87.69.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.45. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The business had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. During the same period in the prior year, the business posted $3.10 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. On average, analysts forecast that Churchill Downs, Incorporated will post 7.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Churchill Downs

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kimelman & Baird LLC bought a new position in Churchill Downs during the second quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Churchill Downs during the 2nd quarter valued at $29,000. Root Financial Partners LLC lifted its position in Churchill Downs by 1,173.1% in the first quarter. Root Financial Partners LLC now owns 331 shares of the company’s stock worth $30,000 after buying an additional 305 shares during the last quarter. Twin Tree Management LP bought a new stake in Churchill Downs in the second quarter worth $36,000. Finally, NewEdge Advisors LLC purchased a new position in Churchill Downs during the first quarter worth $50,000. Institutional investors own 82.59% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming, entertainment and racing company headquartered in Louisville, Kentucky. The company owns and operates Churchill Downs Racetrack, home of the Kentucky Derby, as well as other thoroughbred racing venues, casinos, racinos and historical horse racing facilities.

Its operations include live and historical horse racing, casino gaming, video lottery and other gaming activities, hospitality, dining and entertainment. Through its TwinSpires business, Churchill Downs also provides online horse-racing wagering and related digital betting services in jurisdictions where such activities are permitted.

Founded in 1875, Churchill Downs has expanded from its namesake racetrack into a diversified gaming and entertainment company.