10 Best Casino Stocks To Buy According to Analysts

7. Codere Online Luxembourg (NASDAQ:CDRO)

Average Price Target Upside as of September 1: 33.52% 

Number of Hedge Fund Holders: 5

Codere Online Luxembourg (NASDAQ:CDRO) is an online casino game and sports betting company based in Luxembourg. The company has international operations spreading across Europe, the UK, and South Africa. It operates through its website and mobile applications and is known for its partnerships with prominent sports teams, such as Real Madrid in Latin America and River Plate in Argentina.

The company enjoys a healthy revenue mix from both its major segments, casino and sports betting. During the second quarter of 2024, Codere Online Luxembourg (NASDAQ:CDRO) generated 56% revenue from its casino operations and 41% revenue from its sports betting segments. As both the segments performed well the consolidated revenue of the company grew 39% to €54.4 million ($60.22 million).

The sports betting segment witnessed more than 146,000 average monthly activities, up 16% year-over-year. The already strong business presence of Codere Online Luxembourg (NASDAQ:CDRO) is continuously growing. During the latest quarter, more than 260,000 new customers registered to its platform with a 28% conversion rate.

As a result of a strong performance during the first 6 months of the year, management has raised its full-year guidance now expecting revenue between $227 million and $238 million.

CDRO was held by 5 hedge funds during Q2 2024, with total stakes worth $2.73 million. LMR Partners is the top shareholder of the company, with a position worth $1.46 million. 4 analysts have a Strong Buy rating on the stock, with their median price target of $10.09 presenting an upside of 33.52%.