Light & Wonder (NASDAQ:LNW) Stock Price Down 6.5% After Analyst Downgrade

Light & Wonder, Inc. (NASDAQ:LNW)’s stock price was down 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. Approximately 681,850 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 579,045 shares. The stock had previously closed at $96.52.

Other research analysts also recently issued research reports about the company. Macquarie increased their price target on Light & Wonder from $100.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. Truist Financial raised their price target on shares of Light & Wonder from $90.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Redburn Atlantic cut shares of Light & Wonder from a “buy” rating to a “neutral” rating and upped their price target for the company from $105.00 to $110.00 in a report on Monday, March 11th. Benchmark initiated coverage on shares of Light & Wonder in a report on Tuesday, January 16th. They set a “buy” rating and a $92.00 price objective for the company. Finally, Stifel Nicolaus restated a “hold” rating and issued a $103.00 target price (up previously from $97.00) on shares of Light & Wonder in a research note on Thursday, March 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Light & Wonder currently has a consensus rating of “Moderate Buy” and an average price target of $96.42.

Insider Buying and Selling

In other news, CEO Siobhan Lane sold 3,566 shares of Light & Wonder stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $100.73, for a total transaction of $359,203.18. Following the sale, the chief executive officer now owns 11,302 shares of the company’s stock, valued at $1,138,450.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP James Sottile sold 1,549 shares of the 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 directly owns 57,478 shares in the company, valued at $5,813,899.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Siobhan Lane sold 3,566 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $100.73, for a total transaction of $359,203.18. Following the transaction, the chief executive officer now owns 11,302 shares in the company, valued at approximately $1,138,450.46. The disclosure for this sale can be found here. Insiders have sold a total of 7,537 shares of company stock valued at $760,427 in the last quarter. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Light & Wonder

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in shares of Light & Wonder during the first quarter valued at approximately $38,000. Fidelis Capital Partners LLC purchased a new stake in Light & Wonder in the 1st quarter worth about $38,000. Headlands Technologies LLC acquired a new stake in shares of Light & Wonder in the third quarter worth about $31,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Light & Wonder during the 3rd quarter worth about $36,000. Finally, USA Financial Formulas acquired a new position in shares of Light & Wonder during the 4th quarter valued at about $62,000. 88.08% of the stock is owned by institutional investors.

Light & Wonder Trading Down 5.6 %

The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 51.30 and a beta of 1.80. The company has a current ratio of 1.88, a quick ratio of 1.63 and a debt-to-equity ratio of 5.04. The company has a fifty day moving average of $97.69 and a two-hundred day moving average of $88.39.

Light & Wonder (NASDAQ:LNW) last announced its earnings results on Tuesday, February 27th. The company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.03). Light & Wonder had a net margin of 5.58% and a return on equity of 23.68%. The business had revenue of $770.00 million for the quarter, compared to the consensus estimate of $748.30 million. During the same quarter in the previous year, the company earned $0.12 EPS. Light & Wonder’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, research analysts expect that Light & Wonder, Inc. will post 3.79 EPS for the current year.

Light & Wonder Company Profile

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.