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

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

Wall Street Analysts Forecast Growth

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

Codere Online Luxembourg Stock Performance

The company has a 50-day moving average of $9.26 and a two-hundred day moving average of $8.94.

Insider Activity at Codere Online Luxembourg

In other news, Director Sanchez Oscar Iglesias sold 14,276 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $10.04, for a total value of $143,331.04. Following the sale, the director directly owned 104,111 shares of the company’s stock, valued at $1,045,274.44. This represents a 12.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 17,570 shares of company stock worth $176,303. Insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Susquehanna International Group LLP purchased a new stake in Codere Online Luxembourg in the third quarter worth about $90,000. Millennium Management LLC lifted its holdings in shares of 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 during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Codere Online Luxembourg in the 3rd quarter worth approximately $203,000. Finally, UBS Group AG boosted its position 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. 10.30% of the stock is owned by hedge funds and other 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.