Wall Street Zen Downgrades Codere Online Luxembourg (NASDAQ:CDRO) to Buy

Key Points

• Wall Street Zen downgraded Codere Online Luxembourg from “strong-buy” to “buy,” while the broader analyst consensus remains “Hold” with an average price target of $10.00.
• CDRO opened at $9.18, compared with a 52-week range of $5.18 to $10.26; its 50-day and 200-day moving averages were $9.52 and $8.76, respectively.
• An insider sold 14,276 shares for approximately $143,331 under a pre-arranged Rule 10b5-1 plan, while institutional ownership stands at 10.30% following increased holdings by firms including UBS Group and Millennium Management.

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

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

Codere Online Luxembourg Price Performance

CDRO opened at $9.18 on Friday. Codere Online Luxembourg has a fifty-two week low of $5.18 and a fifty-two week high of $10.26. The company's 50 day moving average price is $9.52 and its two-hundred day moving average price is $8.76.

Insiders Place Their Bets

In other Codere Online Luxembourg news, Director Sanchez Oscar Iglesias sold 14,276 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $10.04, for a total transaction of $143,331.04. Following the completion of the sale, the director directly owned 104,111 shares in the company, valued at approximately $1,045,274.44. This trade represents a 12.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 17,570 shares of company stock worth $176,303. Company insiders own 1.16% of the company's stock.

Institutional Investors Weigh In On Codere Online Luxembourg

A number of hedge funds have recently added to or reduced their stakes in the business. Susquehanna International Group LLP purchased a new position in Codere Online Luxembourg during the 3rd quarter worth $90,000. Millennium Management LLC grew its stake 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 acquiring an additional 24,438 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Codere Online Luxembourg in the third quarter valued at about $203,000. Finally, UBS Group AG raised its holdings in shares of Codere Online Luxembourg by 156.2% in 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 during the last quarter. 10.30% of the stock is currently owned by 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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