Profund Advisors LLC Sells 2,929 Shares of Light & Wonder, Inc. (NASDAQ:LNW)

Profund Advisors LLC reduced its position in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 52.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,616 shares of the company’s stock after selling 2,929 shares during the period. Profund Advisors LLC’s holdings in Light & Wonder were worth $274,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its position in Light & Wonder by 57.0% in the second quarter. Thrivent Financial for Lutherans now owns 35,437 shares of the company’s stock worth $3,716,000 after purchasing an additional 12,871 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Light & Wonder by 26.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 12,600 shares of the company’s stock worth $1,321,000 after buying an additional 2,600 shares during the last quarter. Intech Investment Management LLC bought a new position in Light & Wonder during the second quarter valued at about $1,620,000. MQS Management LLC purchased a new stake in Light & Wonder during the second quarter worth about $375,000. Finally, XTX Topco Ltd raised its position in Light & Wonder by 331.1% in the second quarter. XTX Topco Ltd now owns 14,226 shares of the company’s stock worth $1,492,000 after acquiring an additional 10,926 shares during the period. 88.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Macquarie reduced 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 Wednesday. Susquehanna decreased their target price on Light & Wonder from $92.00 to $90.00 and set a “neutral” rating for the company in a research report on Tuesday. UBS Group raised Light & Wonder from a “neutral” rating to a “buy” rating in a research report on Wednesday. Maxim Group initiated coverage on Light & Wonder in a report on Monday, August 26th. They issued a “buy” rating and a $144.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Light & Wonder from $107.00 to $111.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Light & Wonder currently has an average rating of “Hold” and a consensus target price of $106.60.

Light & Wonder Trading Down 0.8 %

Shares of Light & Wonder stock opened at $92.38 on Friday. The company’s 50-day moving average price is $105.25 and its 200-day moving average price is $100.56. The company has a current ratio of 1.85, a quick ratio of 1.58 and a debt-to-equity ratio of 4.90. Light & Wonder, Inc. has a 12-month low of $67.71 and a 12-month high of $115.00. The company has a market cap of $8.20 billion, a price-to-earnings ratio of 38.33, a PEG ratio of 0.38 and a beta of 1.77.

Light & Wonder (NASDAQ:LNW) last posted its earnings results on Wednesday, August 7th. The company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.14). The firm had revenue of $818.00 million during the quarter, compared to analysts’ expectations of $798.09 million. Light & Wonder had a return on equity of 40.51% and a net margin of 9.92%. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 earnings per share. On average, equities analysts expect that Light & Wonder, Inc. will post 4.44 earnings per share for the current fiscal year.

Light & Wonder declared that its board has approved a stock buyback program on Wednesday, August 7th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.