Macquarie Cuts Light & Wonder (NASDAQ:LNW) Price Target to $117.00

Light & Wonder (NASDAQ:LNW) had its price objective decreased by Macquarie from $122.00 to $117.00 in a research note published on Wednesday, Benzinga reports. Macquarie currently has an outperform rating on the stock.

Other equities research analysts also recently issued reports about the company. 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 report on Thursday, August 8th. UBS Group upgraded shares of Light & Wonder from a neutral rating to a buy rating in a research note on Wednesday. Susquehanna reduced their price objective on shares of Light & Wonder from $92.00 to $90.00 and set a neutral rating for the company in a research note on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Light & Wonder from $76.00 to $81.00 and gave the stock a hold rating in a research note on Thursday, August 8th. Finally, Truist Financial raised their price target on shares of Light & Wonder from $115.00 to $120.00 and gave the company a buy rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $106.60.

Light & Wonder Stock Performance

Shares of Light & Wonder stock opened at $92.38 on Wednesday. The business has a fifty day simple moving average of $105.25 and a two-hundred day simple moving average of $100.55. The firm has a market capitalization of $8.20 billion, a P/E ratio of 38.33, a P/E/G ratio of 0.38 and a beta of 1.77. 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 has a 12 month low of $67.71 and a 12 month high of $115.00.

Light & Wonder (NASDAQ:LNW) last announced its quarterly earnings data 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 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 analysts’ expectations of $798.09 million. During the same quarter last year, the company posted $1.02 EPS. Light & Wonder’s revenue for the quarter was up 11.9% compared to the same quarter last year. On average, equities analysts forecast that Light & Wonder will post 4.44 earnings per share for the current fiscal year.

Light & Wonder declared that its Board of Directors has authorized a share buyback plan on Wednesday, August 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 10.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Light & Wonder

Hedge funds and other institutional investors have recently modified their holdings of the company. Ninety One UK Ltd grew its holdings in shares of Light & Wonder by 128.0% in the second quarter. Ninety One UK Ltd now owns 910,298 shares of the company’s stock worth $95,472,000 after acquiring an additional 511,081 shares during the period. Millennium Management LLC boosted its position in Light & Wonder by 573.3% in the second quarter. Millennium Management LLC now owns 579,340 shares of the company’s stock worth $60,761,000 after purchasing an additional 493,295 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Light & Wonder by 95.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 896,372 shares of the company’s stock worth $73,601,000 after purchasing an additional 438,443 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Light & Wonder by 102.8% during the 1st 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 during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Light & Wonder during the 2nd quarter valued at about $23,597,000. 88.08% of the stock is owned by institutional investors.

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.