Light & Wonder (NASDAQ:LNW) Cut to Hold at Zacks Research

Zacks Research downgraded shares of Light & Wonder (NASDAQ:LNW) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning,Zacks.com reports.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut shares of Light & Wonder from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $108.00 to $95.00 in a research note on Thursday, August 7th. Macquarie dropped their target price on shares of Light & Wonder from $122.00 to $117.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Stifel Nicolaus increased their price objective on shares of Light & Wonder from $84.00 to $95.00 and gave the company a “hold” rating in a research report on Thursday, May 8th. Wall Street Zen lowered shares of Light & Wonder from a “buy” rating to a “hold” rating in a research report on Sunday, July 13th. Finally, Mizuho raised their target price on shares of Light & Wonder from $80.00 to $84.00 and gave the stock an “underperform” rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Light & Wonder currently has a consensus rating of “Moderate Buy” and an average price target of $108.10.

Light & Wonder Stock Up 0.0%

LNW opened at $90.04 on Tuesday. The company has a quick ratio of 1.51, a current ratio of 1.77 and a debt-to-equity ratio of 6.86. The firm has a 50 day moving average price of $92.86 and a 200-day moving average price of $92.02. Light & Wonder has a twelve month low of $69.56 and a twelve month high of $115.00. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 0.54 and a beta of 1.21.

Light & Wonder (NASDAQ:LNW) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.14. Light & Wonder had a net margin of 10.89% and a return on equity of 71.17%. The firm had revenue of $809.00 million during the quarter, compared to analysts’ expectations of $851.29 million. During the same period in the previous year, the company earned $0.90 earnings per share. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. Equities research analysts forecast that Light & Wonder will post 4.3 earnings per share for the current year.

Insider Buying and Selling at Light & Wonder

In other Light & Wonder news, Director Antonia Korsanos acquired 8,065 shares of the stock in a transaction dated Sunday, August 10th. The stock was acquired at an average price of $80.05 per share, with a total value of $645,603.25. Following the completion of the purchase, the director owned 22,815 shares in the company, valued at $1,826,340.75. This trade represents a 54.68% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jamie Odell acquired 8,275 shares of the stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $78.81 per share, with a total value of $652,152.75. Following the purchase, the director owned 8,275 shares of the company’s stock, valued at approximately $652,152.75. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 37,756 shares of company stock worth $3,209,088. 2.20% of the stock is owned by company insiders.

Institutional Trading of Light & Wonder

Several hedge funds have recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. raised its holdings in Light & Wonder by 3.7% during the second quarter. Burgundy Asset Management Ltd. now owns 1,632,562 shares of the company’s stock worth $157,150,000 after purchasing an additional 57,973 shares in the last quarter. Bessemer Group Inc. raised its holdings in Light & Wonder by 321.7% during the first quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company’s stock worth $136,152,000 after purchasing an additional 1,199,213 shares in the last quarter. Ninety One UK Ltd raised its holdings in Light & Wonder by 56.7% during the first quarter. Ninety One UK Ltd now owns 1,174,556 shares of the company’s stock worth $101,728,000 after purchasing an additional 425,202 shares in the last quarter. Norges Bank purchased a new position in shares of Light & Wonder during the second quarter worth approximately $99,368,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Light & Wonder by 0.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 901,778 shares of the company’s stock worth $78,104,000 after acquiring an additional 3,472 shares during the last quarter. Institutional investors and hedge funds own 88.08% of the company’s stock.

Light & Wonder Company Profile

Light & Wonder, Inc is a cross-platform global games company, which engages in the development of content and digital markets. It operates through the following segments: Gaming, SciPlay, and iGaming. The Gaming segment includes the design, manufacture, marketing, and distribution of portfolio of gaming products and services.