Truist Financial Cuts Light & Wonder (NASDAQ:LNW) Price Target to $115.00

Light & Wonder (NASDAQ:LNW) had its target price lowered by analysts at Truist Financial from $120.00 to $115.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 23.09% from the stock’s current price.

Other analysts also recently issued reports about the company. Maxim Group initiated coverage on Light & Wonder in a research report on Monday, August 26th. They set a “buy” rating and a $144.00 target price on the stock. Macquarie decreased their target price on Light & Wonder from $122.00 to $117.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 25th. UBS Group upgraded Light & Wonder from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. boosted 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. Finally, Stifel Nicolaus decreased their target price on Light & Wonder from $108.00 to $100.00 and set a “hold” rating on the stock in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $107.36.

Light & Wonder Stock Up 0.4 %

Light & Wonder stock opened at $93.43 on Wednesday. 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 has a 1-year low of $72.06 and a 1-year high of $115.00. The company has a market cap of $8.29 billion, a PE ratio of 28.03, a price-to-earnings-growth ratio of 0.39 and a beta of 1.76. The stock’s 50 day moving average price is $101.73 and its 200 day moving average price is $99.41.

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

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

Institutional Investors Weigh In On Light & Wonder

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC increased its stake in Light & Wonder by 1.6% during the first quarter. Ashton Thomas Private Wealth LLC now owns 8,653 shares of the company’s stock worth $883,000 after acquiring an additional 133 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Light & Wonder by 59.6% in the second quarter. GAMMA Investing LLC now owns 407 shares of the company’s stock valued at $43,000 after buying an additional 152 shares in the last quarter. QRG Capital Management Inc. grew its stake in shares of Light & Wonder by 2.2% in the second quarter. QRG Capital Management Inc. now owns 10,046 shares of the company’s stock valued at $1,054,000 after buying an additional 218 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Light & Wonder by 5.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 4,321 shares of the company’s stock valued at $441,000 after buying an additional 242 shares in the last quarter. Finally, Retirement Systems of Alabama grew its stake in shares of Light & Wonder by 0.3% in the first quarter. Retirement Systems of Alabama now owns 113,077 shares of the company’s stock valued at $11,544,000 after buying an additional 298 shares in the last quarter. 88.08% of the stock is currently owned by institutional investors and hedge funds.

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.