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

Churchill Downs, Incorporated (NASDAQ:CHDN) saw some unusual options trading activity on Wednesday. Stock traders bought 17,307 put options on the stock. This represents an increase of approximately 964% compared to the average volume of 1,626 put options.

Institutional Trading of Churchill Downs

Institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp boosted its position in Churchill Downs by 6,547.6% during the fourth quarter. Fifth Third Bancorp now owns 52,649 shares of the company’s stock worth $5,990,000 after acquiring an additional 51,857 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Churchill Downs by 8.2% during the third quarter. JPMorgan Chase & Co. now owns 219,834 shares of the company’s stock worth $21,326,000 after acquiring an additional 16,646 shares during the last quarter. UBS Group AG boosted its position in Churchill Downs by 26.9% during the fourth quarter. UBS Group AG now owns 350,982 shares of the company’s stock worth $39,935,000 after acquiring an additional 74,421 shares during the last quarter. Fieldview Capital Management LLC acquired a new position in Churchill Downs during the third quarter worth about $3,869,000. Finally, Ontario Teachers Pension Plan Board acquired a new position in Churchill Downs during the third quarter worth about $1,158,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CHDN. Jefferies Financial Group restated a “buy” rating on shares of Churchill Downs in a research report on Tuesday, April 21st. Mizuho raised their price target on shares of Churchill Downs from $146.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Truist Financial set a $145.00 price target on shares of Churchill Downs in a research report on Friday. Weiss Ratings lowered shares of Churchill Downs from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Finally, Citizens Jmp raised their price target on shares of Churchill Downs from $146.00 to $149.00 and gave the company a “market outperform” rating in a research report on Friday, April 24th. Eleven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Churchill Downs currently has an average rating of “Moderate Buy” and an average price target of $139.00.

Churchill Downs Price Performance

Shares of NASDAQ CHDN traded down $0.23 during trading on Wednesday, hitting $89.63. The company had a trading volume of 347,420 shares, compared to its average volume of 946,042. The stock has a fifty day simple moving average of $89.74 and a two-hundred day simple moving average of $96.53. Churchill Downs has a fifty-two week low of $80.24 and a fifty-two week high of $118.46. The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 0.61 and a beta of 0.68. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.44.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, April 22nd. The company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.15. Churchill Downs had a net margin of 13.21% and a return on equity of 43.50%. The business had revenue of $663.00 million for the quarter, compared to analyst estimates of $659.32 million. During the same quarter last year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, research analysts expect that Churchill Downs will post 7.32 earnings per share for the current year.

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.