Codere Online Luxembourg (NASDAQ:CDRO) Downgraded by Stifel Nicolaus to Hold

Stifel Nicolaus cut shares of Codere Online Luxembourg (NASDAQ:CDRO) from a buy rating to a hold rating in a research note published on Friday morning, MarketBeat Ratings reports. Stifel Nicolaus currently has $8.50 price objective on the stock, down from their previous price objective of $9.00.

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

Codere Online Luxembourg Price Performance

Shares of NASDAQ:CDRO opened at $8.00 on Friday. Codere Online Luxembourg has a 52 week low of $5.18 and a 52 week high of $8.75. The company’s 50 day moving average is $7.67 and its two-hundred day moving average is $7.44.

Institutional Trading of Codere Online Luxembourg

A number of institutional investors have recently modified their holdings of the business. Wolverine Asset Management LLC increased its holdings in shares of Codere Online Luxembourg by 1,923.1% in the 3rd 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 in the last quarter. Susquehanna International Group LLP purchased a new position in Codere Online Luxembourg in the third quarter valued at about $90,000. Millennium Management LLC increased its holdings in 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. Squarepoint Ops LLC purchased a new stake in shares of Codere Online Luxembourg during the 3rd quarter worth approximately $203,000. Finally, Mmbg Investment Advisors CO. boosted its stake in shares of Codere Online Luxembourg by 23.9% during the 3rd quarter. Mmbg Investment Advisors CO. now owns 366,325 shares of the company’s stock worth $2,528,000 after acquiring an additional 70,625 shares in the last quarter. 10.30% of the stock is currently 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.