Codere Online Luxembourg (NASDAQ:CDRO) Stock Rating Lowered by Stifel Nicolaus

Codere Online Luxembourg (NASDAQ:CDRO) was downgraded by equities research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Friday, Marketbeat Ratings reports. They presently have a $8.50 target price on the stock, down from their prior target price of $9.00. Stifel Nicolaus’ price target would suggest a potential upside of 6.25% from the stock’s current price.

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

Codere Online Luxembourg Stock Performance

Shares of CDRO stock opened at $8.00 on Friday. The stock’s fifty day simple moving average is $7.67 and its 200 day simple moving average is $7.44. Codere Online Luxembourg has a twelve month low of $5.18 and a twelve month high of $8.75.

Hedge Funds Weigh In On Codere Online Luxembourg

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC increased its stake in Codere Online Luxembourg by 26.8% in the 4th quarter. FNY Investment Advisers LLC now owns 851,178 shares of the company’s stock worth $6,834,000 after acquiring an additional 180,153 shares during the last quarter. Susquehanna International Group LLP bought a new position in shares of Codere Online Luxembourg in the third quarter worth approximately $90,000. Millennium Management LLC increased its position 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 worth $399,000 after purchasing an additional 24,438 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Codere Online Luxembourg in the third quarter valued at approximately $203,000. Finally, UBS Group AG grew its stake in 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 buying an additional 312,664 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.