Traders Buy High Volume of Churchill Downs Put Options (NASDAQ:CHDN)

Churchill Downs, Incorporated (NASDAQ:CHDN) was the target of unusually large options trading on Wednesday. Stock investors acquired 7,000 put options on the stock. This is an increase of approximately 1,122% compared to the typical volume of 573 put options.

Wall Street Analyst Weigh In

A number of research firms recently commented on CHDN. Jefferies Financial Group reaffirmed a “buy” rating on shares of Churchill Downs in a report on Wednesday, December 24th. Wells Fargo & Company decreased their target price on Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Citizens Jmp lifted their target price on Churchill Downs from $142.00 to $146.00 and gave the stock a “market outperform” rating in a report on Wednesday, January 14th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Churchill Downs in a report on Wednesday, January 14th. Eleven investment 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 an average price target of $135.00.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CHDN. Measured Wealth Private Client Group LLC acquired a new position in Churchill Downs in the third quarter valued at approximately $25,000. First Horizon Corp acquired a new position in Churchill Downs in the third quarter valued at approximately $26,000. Quent Capital LLC acquired a new position in Churchill Downs in the third quarter valued at approximately $27,000. Geneos Wealth Management Inc. lifted its holdings in 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 acquiring an additional 232 shares during the period. Finally, Farther Finance Advisors LLC lifted 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 during the period. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Stock Performance

Shares of Churchill Downs stock traded up $2.05 on Wednesday, reaching $90.56. 74,229 shares of the stock were exchanged, compared to its average volume of 920,014. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 5.02. Churchill Downs has a twelve month low of $80.24 and a twelve month high of $118.46. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 1.48 and a beta of 0.65. The business has a 50 day moving average price of $90.26 and a two-hundred day moving average price of $99.23.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, February 25th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.12. Churchill Downs had a return on equity of 43.26% and a net margin of 13.09%.The firm had revenue of $665.90 million during the quarter, compared to the consensus estimate of $658.01 million. During the same quarter in the previous year, the company posted $0.92 earnings per share. The company’s revenue was up 6.7% compared to the same quarter last year. Analysts anticipate that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

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.