Codere Online Luxembourg (NASDAQ:CDRO) Trading Down 3.5% - Time to Sell?

Key Points

• Codere Online Luxembourg's stock price fell 3.5% to $6.35, with trading volume increasing by 53% compared to its average daily volume.
• Weiss Ratings reiterated a "hold (c-)" rating for the stock, while the average rating remains a "Moderate Buy" with a target price of $10.00.
• FNY Investment Advisers LLC raised its position in Codere by 30.8%, making it the firm's fourth-largest holding, representing 10.30% of the company's institutional ownership.

Codere Online Luxembourg, S.A. (NASDAQ:CDRO - Get Free Report)'s share price dropped 3.5% during trading on Tuesday . The company traded as low as $6.13 and last traded at $6.35. Approximately 117,076 shares changed hands during trading, an increase of 53% from the average daily volume of 76,474 shares. The stock had previously closed at $6.58.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "hold (c-)" rating on shares of Codere Online Luxembourg in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $10.00.

Codere Online Luxembourg Stock Performance

The business has a 50-day simple moving average of $7.65 and a 200-day simple moving average of $7.66.

Institutional Investors Weigh In On Codere Online Luxembourg

An institutional investor recently raised its position in Codere Online Luxembourg stock. FNY Investment Advisers LLC increased its position in shares of Codere Online Luxembourg, S.A. (NASDAQ:CDRO - Free Report) by 30.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 555,447 shares of the company's stock after purchasing an additional 130,786 shares during the period. Codere Online Luxembourg makes up 2.0% of FNY Investment Advisers LLC's portfolio, making the stock its 4th largest holding. FNY Investment Advisers LLC owned about 1.22% of Codere Online Luxembourg worth $4,715,000 at the end of the most recent quarter. Institutional investors and hedge funds own 10.30% of the company's stock.

Codere Online Luxembourg Company Profile

Codere Online Luxembourg, SA operates as an online casino gaming and sports betting company. It also offers online casino wagering products and services, as well as online gambling and other online services. The company offers its products under the Codere and Greenplay brand names. It primarily operates in Spain, Italy, Mexico, Colombia, the United Kingdom, Germany, South Africa, Austria, Malta, Panama, and Argentina.

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