Codere Online Luxembourg (NASDAQ:CDRO) Shares Cross Below 200 Day Moving Average – Time to Sell?

Codere Online Luxembourg, S.A. (NASDAQ:CDRO)’s stock price crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $8.91 and traded as low as $8.46. Codere Online Luxembourg shares last traded at $8.52, with a volume of 60,421 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Weiss Ratings raised shares of Codere Online Luxembourg from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 16th. Wall Street Zen lowered shares of Codere Online Luxembourg from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Codere Online Luxembourg currently has an average rating of “Hold” and an average target price of $10.00.

Codere Online Luxembourg Price Performance

The company has a fifty day simple moving average of $9.29 and a two-hundred day simple moving average of $8.92.

Institutional Trading of Codere Online Luxembourg

A hedge fund recently raised its position in Codere Online Luxembourg stock. Citadel Advisors LLC lifted its holdings in shares of Codere Online Luxembourg, S.A. (NASDAQ:CDRO) by 256.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,355 shares of the company’s stock after purchasing an additional 27,599 shares during the period. Citadel Advisors LLC owned about 0.08% of Codere Online Luxembourg worth $367,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 10.30% of the company’s stock.

Codere Online Luxembourg Company Profile

Codere Online Luxembourg SA is an online gaming company that operates under the Codere brand. The company offers digital sports betting and online casino products through websites and mobile applications, providing customers with access to wagering on sporting events and a range of casino games.

Codere Online primarily serves regulated markets in Spain and Latin America, including Mexico, Colombia and Argentina. Its operations are supported by the broader Codere Group, an established gaming business with activities in retail and online markets.

The company became a publicly traded business on Nasdaq in 2021 following a business combination with a special purpose acquisition company.