Codere Online Luxembourg (NASDAQ:CDRO) Stock Price Down 0.2% – Here’s Why

Codere Online Luxembourg, S.A. (NASDAQ:CDRO) traded down 0.2% during mid-day trading on Wednesday . The company traded as low as $8.02 and last traded at $8.0650. 8,880 shares were traded during trading, a decline of 78% from the average session volume of 39,853 shares. The stock had previously closed at $8.08.

Analysts Set New Price Targets

A number of research firms have weighed in on CDRO. Stifel Nicolaus reduced their price objective on Codere Online Luxembourg from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Benchmark reissued a “hold” rating on shares of Codere Online Luxembourg in a report on Monday, December 1st. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Codere Online Luxembourg in a research note on Monday. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $9.00.

Codere Online Luxembourg Price Performance

The firm has a fifty day simple moving average of $6.75 and a 200 day simple moving average of $7.47.

Institutional Investors Weigh In On Codere Online Luxembourg

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC lifted its holdings in Codere Online Luxembourg by 1,923.1% during the third quarter. Wolverine Asset Management LLC now owns 6,818 shares of the company’s stock valued at $47,000 after purchasing an additional 6,481 shares in the last quarter. Susquehanna International Group LLP acquired a new position in shares of Codere Online Luxembourg during the 3rd quarter worth 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 holdings in 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, Mmbg Investment Advisors CO. increased its stake in 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 buying an additional 70,625 shares in the last quarter. Hedge funds and other institutional investors 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.