Codere Online Luxembourg (NASDAQ:CDRO) Lowered to Hold Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Codere Online Luxembourg from “Buy” to “Hold.” The stock has a consensus “Hold” rating from three analysts, with an average price target of $10.00.
• CDRO opened at $8.97, compared with a 50-day moving average of $9.49 and a 200-day moving average of $8.81; its 52-week range is $5.18 to $10.26.
• Insiders sold 17,570 shares worth about $176,000 during the last quarter, while institutional investors own 10.30% of the company; UBS and Millennium Management significantly increased their positions.

Codere Online Luxembourg (NASDAQ:CDRO - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Sunday.

A number of other research firms have also commented on CDRO. Weiss Ratings upgraded shares of Codere Online Luxembourg from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, June 5th. Stifel Nicolaus set a $10.00 price objective on shares of Codere Online Luxembourg in a report on Friday, May 8th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $10.00.

Codere Online Luxembourg Trading Up 0.7%

CDRO opened at $8.97 on Friday. The stock has a 50-day moving average of $9.49 and a 200-day moving average of $8.81. Codere Online Luxembourg has a 52-week low of $5.18 and a 52-week high of $10.26.

Insider Buying and Selling

In other news, Director Sanchez Oscar Iglesias sold 14,276 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $10.04, for a total transaction of $143,331.04. Following the sale, the director owned 104,111 shares in the company, valued at approximately $1,045,274.44. This 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 accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 17,570 shares of company stock valued at $176,303 over the last quarter. 1.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG raised its position in Codere Online Luxembourg by 156.2% in the 3rd quarter. UBS Group AG now owns 512,884 shares of the company's stock worth $3,539,000 after purchasing an additional 312,664 shares during the last quarter. Squarepoint Ops LLC bought a new position in Codere Online Luxembourg in the 3rd quarter valued at $203,000. Millennium Management LLC boosted its position in Codere Online Luxembourg by 73.3% in the 3rd quarter. Millennium Management LLC now owns 57,755 shares of the company's stock valued at $399,000 after buying an additional 24,438 shares during the last quarter. Finally, Susquehanna International Group LLP acquired a new stake in shares of Codere Online Luxembourg in the 3rd quarter valued at $90,000. Institutional investors and hedge funds own 10.30% of the company's stock.

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.

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