Codere Online Luxembourg (NASDAQ:CDRO) Trading Down 1.7% - Here's What Happened

Key Points

• Codere Online Luxembourg shares fell 1.7% to $8.85, with trading volume rising 17% above the average.
• Analysts maintain a consensus “Hold” rating and a $10.00 price target; Wall Street Zen recently downgraded the stock from “Buy” to “Hold.”
• An insider sold 17,570 shares worth approximately $176,000 over the past three months, while institutional ownership stands at 10.3% following increased stakes from firms including UBS and Millennium Management.

Codere Online Luxembourg, S.A. (NASDAQ:CDRO - Get Free Report)'s share price was down 1.7% during trading on Monday . The stock traded as low as $8.80 and last traded at $8.85. Approximately 24,936 shares traded hands during trading, an increase of 17% from the average daily volume of 21,320 shares. The stock had previously closed at $9.00.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Wall Street Zen cut shares of Codere Online Luxembourg from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Stifel Nicolaus set a $10.00 target price on shares of Codere Online Luxembourg in a report on Friday, May 8th. Finally, 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. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, Codere Online Luxembourg currently has a consensus rating of "Hold" and a consensus price target of $10.00.

Codere Online Luxembourg Price Performance

The stock has a 50 day simple moving average of $9.26 and a 200 day simple moving average of $8.94.

Insider Buying and Selling

In other Codere Online Luxembourg news, Director Sanchez Oscar Iglesias sold 14,276 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $10.04, for a total transaction of $143,331.04. Following the completion of the sale, the director owned 104,111 shares of the company's stock, valued at $1,045,274.44. This represents a 12.06% decrease in their position. The sale was disclosed in a filing 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 three months, insiders have sold 17,570 shares of company stock worth $176,303. Corporate insiders own 1.16% of the company's stock.

Institutional Trading of Codere Online Luxembourg

A number of institutional investors have recently modified their holdings of the company. Susquehanna International Group LLP purchased a new position in Codere Online Luxembourg during the 3rd quarter valued at about $90,000. Squarepoint Ops LLC bought a new stake in shares of Codere Online Luxembourg in the 3rd quarter worth approximately $203,000. Millennium Management LLC grew its position 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 buying an additional 24,438 shares during the last quarter. Finally, UBS Group AG increased its stake in shares of 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 buying an additional 312,664 shares during the period. 10.30% of the stock is currently 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.

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