Stifel Nicolaus Downgrades Codere Online Luxembourg (NASDAQ:CDRO) to Hold

Codere Online Luxembourg (NASDAQ:CDRO) was downgraded by stock analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. They presently have a $8.50 price objective on the stock. Stifel Nicolaus’ target price points to a potential upside of 7.46% from the stock’s current price.

CDRO has been the topic of a number of other reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Codere Online Luxembourg in a research note on Monday, December 29th. Benchmark restated a “hold” rating on shares of Codere Online Luxembourg in a report on Monday, December 1st. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $8.50.

Codere Online Luxembourg Trading Down 1.6%

CDRO stock opened at $7.91 on Friday. Codere Online Luxembourg has a 12-month low of $5.18 and a 12-month high of $8.75. The business’s 50-day moving average is $7.64 and its 200 day moving average is $7.45.

Institutional Trading of Codere Online Luxembourg

Hedge funds and other institutional investors have recently modified their holdings of the stock. FNY Investment Advisers LLC increased its position in shares of Codere Online Luxembourg by 26.8% during the fourth quarter. FNY Investment Advisers LLC now owns 851,178 shares of the company’s stock valued at $6,834,000 after acquiring an additional 180,153 shares during the last quarter. Susquehanna International Group LLP acquired a new position in shares of Codere Online Luxembourg in the 3rd quarter worth approximately $90,000. Millennium Management LLC increased 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 valued at $399,000 after purchasing an additional 24,438 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Codere Online Luxembourg in the third quarter valued at approximately $203,000. Finally, UBS Group AG raised its position in 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 period. 10.30% of the stock is owned by institutional investors and hedge funds.

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.