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

Wall Street Zen downgraded shares of Codere Online Luxembourg (NASDAQ:CDRO) from a strong-buy rating to a buy rating in a research report report published on Saturday morning.

A number of other brokerages have also weighed in on CDRO. Stifel Nicolaus set a $10.00 price objective on Codere Online Luxembourg in a research note on Friday, May 8th. Weiss Ratings raised Codere Online Luxembourg from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Codere Online Luxembourg has an average rating of “Hold” and an average target price of $10.00.

Codere Online Luxembourg Stock Up 1.0%

Shares of NASDAQ CDRO opened at $9.27 on Friday. Codere Online Luxembourg has a 1 year low of $5.18 and a 1 year high of $10.26. The stock’s 50-day simple moving average is $9.52 and its 200-day simple moving average is $8.78.

Insider Activity

In related news, Director Sanchez Oscar Iglesias sold 14,276 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $10.04, for a total transaction of $143,331.04. Following the sale, the director owned 104,111 shares in the company, valued at $1,045,274.44. This represents a 12.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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. Company insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Susquehanna International Group LLP acquired a new position in shares of Codere Online Luxembourg during the third quarter worth approximately $90,000. Squarepoint Ops LLC bought a new stake in Codere Online Luxembourg during the 3rd quarter valued at $203,000. Millennium Management LLC raised its stake in Codere Online Luxembourg by 73.3% during the 3rd 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 in the last quarter. Finally, UBS Group AG boosted its position in Codere Online Luxembourg by 156.2% during the 3rd quarter. UBS Group AG now owns 512,884 shares of the company’s stock worth $3,539,000 after acquiring an additional 312,664 shares during the period. Institutional investors own 10.30% of the company’s stock.

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.