Codere Online Luxembourg, S.A. $CDRO is FNY Investment Advisers LLC's 3rd Largest Position

Key Points

• FNY Investment Advisers reduced its Codere Online stake by 32.2% in the second quarter, selling 310,310 shares. Despite the reduction, CDRO remains FNY’s third-largest holding, representing 2.3% of its portfolio and a 1.43% ownership stake.
• Other institutional activity was mixed, with UBS Group increasing its position by 156.2% and Millennium Management boosting its stake by 73.3%. Hedge funds and institutional investors collectively own 10.3% of CDRO.
• Analysts maintain a generally neutral outlook: all three tracked analysts rate the stock “Hold,” with an average price target of $10.00 versus a recent opening price of $8.91. An insider also sold 14,276 shares at an average price of $10.04 under a pre-arranged trading plan.

FNY Investment Advisers LLC decreased its stake in Codere Online Luxembourg, S.A. (NASDAQ:CDRO - Free Report) by 32.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 652,116 shares of the company's stock after selling 310,310 shares during the period. Codere Online Luxembourg comprises about 2.3% of FNY Investment Advisers LLC's investment portfolio, making the stock its 3rd biggest position. FNY Investment Advisers LLC owned 1.43% of Codere Online Luxembourg worth $6,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Susquehanna International Group LLP purchased a new position in Codere Online Luxembourg in the third quarter worth $90,000. Millennium Management LLC increased its stake in Codere Online Luxembourg by 73.3% in the third quarter. Millennium Management LLC now owns 57,755 shares of the company's stock valued at $399,000 after acquiring an additional 24,438 shares during the last quarter. Squarepoint Ops LLC bought a new position in Codere Online Luxembourg in the third quarter valued at $203,000. Finally, UBS Group AG raised its position in Codere Online Luxembourg by 156.2% during the third 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. Hedge funds and other institutional investors own 10.30% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings raised Codere Online Luxembourg from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 5th. Wall Street Zen lowered Codere Online Luxembourg from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, Stifel Nicolaus set a $10.00 price objective on Codere Online Luxembourg in a report on Friday, May 8th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $10.00.

Codere Online Luxembourg Stock Up 0.1%

Shares of Codere Online Luxembourg stock opened at $8.91 on Friday. Codere Online Luxembourg, S.A. has a 52-week low of $5.18 and a 52-week high of $10.26. The company has a fifty day moving average of $9.50 and a 200-day moving average of $8.81.

Insider Buying and Selling

In other Codere Online Luxembourg news, Director Sanchez Oscar Iglesias sold 14,276 shares of the business's stock in a transaction on 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 directly owned 104,111 shares of the company's stock, valued at $1,045,274.44. The trade was a 12.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 17,570 shares of company stock valued at $176,303. 1.16% of the stock is owned by company insiders.

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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