Codere Online Luxembourg (NASDAQ:CDRO) Shares Down 0.2% – Should You Sell?

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

Analyst Upgrades and Downgrades

Several brokerages have commented on CDRO. Stifel Nicolaus cut their target price on Codere Online Luxembourg from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Benchmark reaffirmed a “hold” rating on shares of Codere Online Luxembourg in a research report on Monday, December 1st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Codere Online Luxembourg in a research report on Monday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $9.00.

Codere Online Luxembourg Price Performance

The business has a fifty day simple moving average of $6.71 and a two-hundred day simple moving average of $7.46.

Institutional Trading of Codere Online Luxembourg

Several large investors have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC raised its position in Codere Online Luxembourg by 20.8% in the third quarter. FNY Investment Advisers LLC now owns 671,025 shares of the company’s stock worth $4,630,000 after acquiring an additional 115,578 shares during the period. UBS Group AG increased 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 purchasing an additional 312,664 shares in the last quarter. Mmbg Investment Advisors CO. raised its holdings in Codere Online Luxembourg by 23.9% in the 3rd quarter. Mmbg Investment Advisors CO. now owns 366,325 shares of the company’s stock worth $2,528,000 after purchasing an additional 70,625 shares during the period. Millennium Management LLC lifted its position in Codere Online Luxembourg by 73.3% during the third 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 in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in Codere Online Luxembourg during the third quarter valued at about $203,000. 10.30% of the stock is currently owned by institutional investors.

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.