Codere Online Luxembourg (NASDAQ:CDRO) Lowered to “Buy” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Codere Online Luxembourg (NASDAQ:CDRO) from a strong-buy rating to a buy rating in a report issued on Saturday morning.

Several other research firms have also recently issued reports on CDRO. Stifel Nicolaus set a $10.00 target price on Codere Online Luxembourg in a research report on Friday, May 8th. Weiss Ratings raised Codere Online Luxembourg from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.00.

Codere Online Luxembourg Price Performance

NASDAQ CDRO opened at $9.18 on Friday. Codere Online Luxembourg has a 52-week low of $5.18 and a 52-week high of $10.26. The firm has a 50-day moving average price of $9.52 and a 200 day moving average price of $8.76.

Insider Activity at Codere Online Luxembourg

In related news, Director Sanchez Oscar Iglesias sold 14,276 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $10.04, for a total value of $143,331.04. Following the completion of the sale, the director owned 104,111 shares in the company, valued at $1,045,274.44. This trade represents a 12.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 17,570 shares of company stock valued at $176,303 in the last ninety days. 1.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP acquired a new stake in shares of Codere Online Luxembourg during the 3rd quarter valued at approximately $90,000. Millennium Management LLC grew its holdings in shares of Codere Online Luxembourg by 73.3% in the 3rd quarter. Millennium Management LLC now owns 57,755 shares of the company’s stock worth $399,000 after acquiring an additional 24,438 shares during the period. Squarepoint Ops LLC purchased a new position in Codere Online Luxembourg in the 3rd quarter valued at approximately $203,000. Finally, UBS Group AG increased its stake in Codere Online Luxembourg by 156.2% in the 3rd quarter. UBS Group AG now owns 512,884 shares of the company’s stock valued at $3,539,000 after purchasing an additional 312,664 shares in the last quarter. 10.30% of the stock is owned by hedge funds and other institutional investors.

Codere Online Luxembourg Company Profile

Codere Online Luxembourg SA is a publicly traded company incorporated under the laws of Luxembourg and listed on the Nasdaq Stock Market under the ticker CDRO. Established in December 2020 as a spin-off of Grupo Codere’s digital operations, Codere Online leverages the heritage and infrastructure of its Spanish parent to deliver a dedicated online gaming and sports betting platform. Headquartered in Luxembourg City, the company operates through locally licensed subsidiaries in multiple jurisdictions.

The company’s core business revolves around an integrated online sportsbook and casino offering.