Light & Wonder (NASDAQ:LNW) Shares Gap Down – Here’s What Happened

Light & Wonder, Inc. (NASDAQ:LNW) gapped down prior to trading on Monday . The stock had previously closed at $90.12, but opened at $88.00. Light & Wonder shares last traded at $85.81, with a volume of 188,145 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Stifel Nicolaus raised their price objective on shares of Light & Wonder from $84.00 to $95.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. Truist Financial lowered their price objective on shares of Light & Wonder from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Citigroup raised shares of Light & Wonder from a “neutral” rating to a “buy” rating in a research report on Wednesday, February 19th. JPMorgan Chase & Co. raised their price objective on shares of Light & Wonder from $103.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Finally, Benchmark lowered their price objective on shares of Light & Wonder from $130.00 to $100.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $106.82.

Light & Wonder Trading Down 0.4%

The business’s fifty day moving average price is $84.52 and its 200 day moving average price is $91.25. The company has a quick ratio of 1.61, a current ratio of 1.88 and a debt-to-equity ratio of 4.49. The firm has a market capitalization of $7.16 billion, a PE ratio of 26.37, a P/E/G ratio of 0.35 and a beta of 1.30.

Light & Wonder (NASDAQ:LNW) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.23). The firm had revenue of $774.00 million during the quarter, compared to analyst estimates of $802.93 million. Light & Wonder had a net margin of 9.30% and a return on equity of 49.91%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. As a group, analysts expect that Light & Wonder, Inc. will post 4.3 EPS for the current fiscal year.

Insider Buying and Selling

In other Light & Wonder news, CAO Vanja Kalabic sold 1,132 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $104.41, for a total transaction of $118,192.12. Following the completion of the sale, the chief accounting officer now directly owns 5,016 shares in the company, valued at $523,720.56. The trade was a 18.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Oliver Chow sold 2,595 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $104.94, for a total transaction of $272,319.30. Following the sale, the chief financial officer now owns 3,695 shares of the company’s stock, valued at approximately $387,753.30. This represents a 41.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,867 shares of company stock valued at $1,037,884. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Light & Wonder by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 8,492,524 shares of the company’s stock valued at $733,584,000 after purchasing an additional 100,527 shares during the period. Burgundy Asset Management Ltd. boosted its stake in shares of Light & Wonder by 6.9% in the first quarter. Burgundy Asset Management Ltd. now owns 1,574,589 shares of the company’s stock valued at $136,375,000 after purchasing an additional 102,051 shares during the period. Bessemer Group Inc. boosted its stake in shares of Light & Wonder by 321.7% in the first quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company’s stock valued at $136,152,000 after purchasing an additional 1,199,213 shares during the period. Ninety One UK Ltd boosted its stake in shares of Light & Wonder by 56.7% in the first quarter. Ninety One UK Ltd now owns 1,174,556 shares of the company’s stock valued at $101,728,000 after purchasing an additional 425,202 shares during the period. Finally, Norges Bank acquired a new stake in Light & Wonder in the fourth quarter valued at $91,683,000. 88.08% of the stock is currently owned by hedge funds and other institutional investors.

About Light & Wonder

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.