Codere Online Luxembourg (NASDAQ:CDRO) Lowered to “Hold” Rating by Stifel Nicolaus

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 on Friday, Marketbeat Ratings reports. They currently have a $8.50 target price on the stock. Stifel Nicolaus’ target price indicates a potential upside of 7.46% from the company’s current price.

Other analysts also recently issued research reports about the company. Benchmark reiterated a “hold” rating on shares of Codere Online Luxembourg in a research note on Monday, December 1st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Codere Online Luxembourg in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $8.50.

Codere Online Luxembourg Trading Down 1.6%

NASDAQ:CDRO 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 firm has a fifty day simple moving average of $7.64 and a 200-day simple moving average of $7.45.

Institutional Investors Weigh In On Codere Online Luxembourg

Several hedge funds have recently modified their holdings of CDRO. FNY Investment Advisers LLC grew its position in shares of Codere Online Luxembourg by 30.8% during the 2nd quarter. FNY Investment Advisers LLC now owns 555,447 shares of the company’s stock valued at $4,715,000 after acquiring an additional 130,786 shares during the period. Wolverine Asset Management LLC grew its holdings in Codere Online Luxembourg by 1,923.1% in 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 during the period. Mmbg Investment Advisors CO. increased its position in shares of Codere Online Luxembourg by 23.9% in the third quarter. Mmbg Investment Advisors CO. now owns 366,325 shares of the company’s stock valued at $2,528,000 after buying an additional 70,625 shares in the last quarter. UBS Group AG raised its stake in shares of 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 buying an additional 312,664 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in shares of Codere Online Luxembourg during the 3rd quarter worth approximately $203,000. 10.30% of the stock is 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.