Codere Online Luxembourg (NASDAQ:CDRO) Stock Price Down 1.7% – Time to Sell?

Codere Online Luxembourg, S.A. (NASDAQ:CDRO) fell 1.7% during mid-day trading on Monday . The stock traded as low as $8.80 and last traded at $8.85. Approximately 24,936 shares were traded during trading, an increase of 17% from the average session volume of 21,320 shares. The stock had previously closed at $9.00.

Analyst Upgrades and Downgrades

Several research firms have commented on CDRO. Stifel Nicolaus set a $10.00 price target on shares of Codere Online Luxembourg in a research note on Friday, May 8th. Weiss Ratings upgraded shares of Codere Online Luxembourg from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Finally, Wall Street Zen cut Codere Online Luxembourg from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $10.00.

Codere Online Luxembourg Trading Up 1.0%

The firm has a fifty day moving average of $9.23 and a 200 day moving average of $8.95.

Insider Activity at Codere Online Luxembourg

In other news, Director Sanchez Oscar Iglesias sold 14,276 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $10.04, for a total transaction of $143,331.04. Following the sale, the director directly owned 104,111 shares in the company, valued at approximately $1,045,274.44. This represents a 12.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 17,138 shares of company stock worth $171,979 over the last three months. 1.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Codere Online Luxembourg

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDRO. Susquehanna International Group LLP acquired a new position in Codere Online Luxembourg during the 3rd quarter valued at about $90,000. Squarepoint Ops LLC acquired a new position in shares of Codere Online Luxembourg in the 3rd quarter worth approximately $203,000. Citadel Advisors LLC increased its holdings in Codere Online Luxembourg by 256.6% in the second quarter. Citadel Advisors LLC now owns 38,355 shares of the company’s stock worth $367,000 after purchasing an additional 27,599 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Codere Online Luxembourg by 73.3% in the third quarter. Millennium Management LLC now owns 57,755 shares of the company’s stock valued at $399,000 after buying an additional 24,438 shares in the last quarter. Finally, UBS Group AG grew its stake in shares of Codere Online Luxembourg by 156.2% in 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 in the last quarter. Institutional investors and hedge funds 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.