Light & Wonder (NASDAQ:LNW) Price Target Cut to $90.00

Light & Wonder (NASDAQ:LNW) had its price target lowered by equities researchers at Susquehanna from $92.00 to $90.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Susquehanna’s price objective would suggest a potential downside of 20.13% from the company’s current price.

Several other research analysts have also commented on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Light & Wonder from $76.00 to $81.00 and gave the stock a “hold” rating in a research report on Thursday, August 8th. Macquarie increased their price target on Light & Wonder from $120.00 to $122.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Maxim Group initiated coverage on shares of Light & Wonder in a research note on Monday, August 26th. They set a “buy” rating and a $144.00 price objective for the company. Benchmark reissued a “buy” rating and issued a $114.00 price objective on shares of Light & Wonder in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. lifted their target price on Light & Wonder from $107.00 to $111.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $107.70.

Light & Wonder Stock Performance

NASDAQ LNW opened at $112.68 on Tuesday. The stock has a market capitalization of $10.16 billion, a PE ratio of 46.76, a P/E/G ratio of 0.46 and a beta of 1.77. Light & Wonder has a 1-year low of $67.71 and a 1-year high of $115.00. The business has a 50 day simple moving average of $106.16 and a two-hundred day simple moving average of $100.80. The company has a debt-to-equity ratio of 4.90, a current ratio of 1.85 and a quick ratio of 1.58.

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

Light & Wonder announced that its board has authorized a stock repurchase plan on Wednesday, August 7th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Light & Wonder

A number of hedge funds have recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. raised its holdings in shares of Light & Wonder by 1.2% in the 1st quarter. Burgundy Asset Management Ltd. now owns 1,315,572 shares of the company’s stock valued at $134,307,000 after purchasing an additional 15,902 shares in the last quarter. Ninety One UK Ltd increased its holdings in shares of Light & Wonder by 128.0% in the 2nd quarter. Ninety One UK Ltd now owns 910,298 shares of the company’s stock valued at $95,472,000 after acquiring an additional 511,081 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Light & Wonder by 95.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 896,372 shares of the company’s stock valued at $73,601,000 after acquiring an additional 438,443 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Light & Wonder by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 802,922 shares of the company’s stock worth $84,215,000 after purchasing an additional 12,317 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Light & Wonder by 102.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 767,155 shares of the company’s stock valued at $78,320,000 after purchasing an additional 388,781 shares in the last quarter. 88.08% of the stock is owned by hedge funds and other institutional investors.

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.