Light & Wonder, Inc. (NASDAQ:LNW – Get Free Report)’s stock price fell 6.5% on Thursday after Mizuho lowered their price target on the stock from $83.00 to $79.00. Mizuho currently has an underperform rating on the stock. Light & Wonder traded as low as $89.79 and last traded at $90.22. 681,850 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 579,045 shares. The stock had previously closed at $96.52.
LNW has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on Light & Wonder from $98.00 to $107.00 and gave the company an “overweight” rating in a research report on Wednesday, February 28th. Macquarie raised their price target on shares of Light & Wonder from $100.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 28th. Susquehanna upped their price objective on shares of Light & Wonder from $100.00 to $111.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Stifel Nicolaus reissued a “hold” rating and set a $103.00 target price (up from $97.00) on shares of Light & Wonder in a research report on Thursday, March 14th. Finally, Benchmark began coverage on Light & Wonder in a report on Tuesday, January 16th. They issued a “buy” rating and a $92.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $96.42.
Insider Buying and Selling at Light & Wonder
In related news, VP James Sottile sold 1,549 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $101.15, for a total value of $156,681.35. Following the completion of the transaction, the vice president now owns 57,478 shares in the company, valued at approximately $5,813,899.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Light & Wonder news, CFO Oliver Chow sold 1,273 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $101.19, for a total value of $128,814.87. Following the transaction, the chief financial officer now directly owns 1,517 shares of the company’s stock, valued at $153,505.23. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP James Sottile sold 1,549 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $101.15, for a total value of $156,681.35. Following the completion of the transaction, the vice president now owns 57,478 shares in the company, valued at $5,813,899.70. The disclosure for this sale can be found here. Insiders have sold a total of 7,537 shares of company stock worth $760,427 over the last ninety days. Corporate insiders own 2.10% of the company’s stock.
Hedge Funds Weigh In On Light & Wonder
Several institutional investors have recently modified their holdings of LNW. Headlands Technologies LLC acquired a new stake in Light & Wonder during the 3rd quarter worth $31,000. DekaBank Deutsche Girozentrale bought a new position in shares of Light & Wonder during the 3rd quarter valued at about $36,000. Rise Advisors LLC acquired a new position in shares of Light & Wonder in the 1st quarter valued at approximately $38,000. Fidelis Capital Partners LLC bought a new stake in Light & Wonder during the 1st quarter worth approximately $38,000. Finally, USA Financial Formulas acquired a new stake in Light & Wonder during the 4th quarter worth approximately $62,000. 88.08% of the stock is currently owned by institutional investors and hedge funds.
Light & Wonder Stock Performance
The stock has a market cap of $8.28 billion, a P/E ratio of 51.30 and a beta of 1.80. The company has a debt-to-equity ratio of 5.04, a current ratio of 1.88 and a quick ratio of 1.63. The stock’s 50 day simple moving average is $97.69 and its two-hundred day simple moving average is $88.39.
Light & Wonder (NASDAQ:LNW – Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.03). The company had revenue of $770.00 million during the quarter, compared to the consensus estimate of $748.30 million. Light & Wonder had a net margin of 5.58% and a return on equity of 23.68%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.12 earnings per share. As a group, research analysts forecast that Light & Wonder, Inc. will post 3.79 EPS for the current year.
About Light & Wonder
Light & Wonder, Inc operates as a cross-platform games company in the United States and internationally. The company operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video gaming terminals; video lottery terminals, including conversion kits and spare parts; and table products, including automatic card shufflers, deck checkers, table roulette chip sorters and other land-based table gaming equipment.