Codere Online Luxembourg (NASDAQ:CDRO) Trading Down 0.8% - Here's What Happened

Key Points

• Codere Online Luxembourg (NASDAQ:CDRO) fell 0.8% to about $8.90 on Monday, trading as low as $8.85 with mid-day volume of 18,984 shares, roughly 33% below its average session volume.
• Analysts maintain a consensus "Hold" rating with a consensus price target of $9.00; Stifel raised its target to $9.00 and Weiss Ratings upgraded the stock to a hold.
• Several institutional investors increased or initiated positions in the third quarter (including Wolverine, Millennium, Squarepoint and Susquehanna), and institutions now own about 10.3% of the company.

Codere Online Luxembourg, S.A. (NASDAQ:CDRO - Get Free Report) fell 0.8% on Monday . The stock traded as low as $8.85 and last traded at $8.90. 18,984 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 28,540 shares. The stock had previously closed at $8.97.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CDRO. Stifel Nicolaus boosted their target price on Codere Online Luxembourg from $8.50 to $9.00 and gave the stock a "hold" rating in a research report on Thursday, March 26th. Weiss Ratings upgraded Codere Online Luxembourg from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, February 10th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $9.00.

Codere Online Luxembourg Trading Down 0.8%

The business has a fifty day simple moving average of $8.33 and a 200 day simple moving average of $7.59.

Institutional Trading of Codere Online Luxembourg

Large investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC increased its position in Codere Online Luxembourg by 1,923.1% during the 3rd quarter. Wolverine Asset Management LLC now owns 6,818 shares of the company's stock worth $47,000 after purchasing an additional 6,481 shares in the last quarter. Susquehanna International Group LLP purchased a new position in Codere Online Luxembourg in the 3rd quarter valued at about $90,000. Squarepoint Ops LLC purchased a new position in Codere Online Luxembourg in the 3rd quarter valued at about $203,000. Millennium Management LLC boosted its stake in shares of Codere Online Luxembourg by 73.3% during the 3rd quarter. Millennium Management LLC now owns 57,755 shares of the company's stock worth $399,000 after purchasing an additional 24,438 shares during the last quarter. Finally, Mmbg Investment Advisors CO. boosted its stake in shares of Codere Online Luxembourg by 23.9% during the 3rd quarter. Mmbg Investment Advisors CO. now owns 366,325 shares of the company's stock worth $2,528,000 after purchasing an additional 70,625 shares during the last quarter. Institutional investors and hedge funds own 10.30% of the company's stock.

About Codere Online Luxembourg

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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