Wall Street Zen Upgrades Codere Online Luxembourg (NASDAQ:CDRO) to Strong-Buy

Codere Online Luxembourg (NASDAQ:CDRO) was upgraded by Wall Street Zen to a “strong-buy” rating in a research note issued on Saturday.

A number of other analysts have also recently commented on the company. Weiss Ratings upgraded Codere Online Luxembourg from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Stifel Nicolaus set a $10.00 target price on shares of Codere Online Luxembourg in a report on Friday, May 8th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.00.

Codere Online Luxembourg Price Performance

NASDAQ CDRO opened at $9.30 on Friday. Codere Online Luxembourg has a fifty-two week low of $5.18 and a fifty-two week high of $10.26. The business has a fifty day moving average of $9.53 and a 200-day moving average of $8.68.

Insiders Place Their Bets

In other Codere Online Luxembourg news, Director Sanchez Oscar Iglesias sold 14,276 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $10.04, for a total value of $143,331.04. Following the completion of the transaction, the director directly owned 104,111 shares in the company, valued at approximately $1,045,274.44. The trade was a 12.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 17,570 shares of company stock valued at $176,303. Insiders own 1.16% of the company’s stock.

Institutional Investors Weigh In On Codere Online Luxembourg

Hedge funds have recently made changes to their positions in the business. Susquehanna International Group LLP purchased a new stake in shares of Codere Online Luxembourg in the third quarter valued at $90,000. Squarepoint Ops LLC acquired a new stake in Codere Online Luxembourg in the 3rd quarter worth about $203,000. Millennium Management LLC boosted its stake in Codere Online Luxembourg by 73.3% in the 3rd quarter. Millennium Management LLC now owns 57,755 shares of the company’s stock worth $399,000 after buying an additional 24,438 shares during the last quarter. UBS Group AG increased 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 valued at $3,539,000 after acquiring an additional 312,664 shares during the last quarter. Finally, FNY Investment Advisers LLC increased its stake in shares of Codere Online Luxembourg by 26.8% during the 4th quarter. FNY Investment Advisers LLC now owns 851,178 shares of the company’s stock valued at $6,834,000 after acquiring an additional 180,153 shares during 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.