Covestor Ltd Lowers Stock Holdings in Light & Wonder, Inc. (NASDAQ:LNW)

Covestor Ltd cut its holdings in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 56.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 554 shares of the company’s stock after selling 713 shares during the period. Covestor Ltd’s holdings in Light & Wonder were worth $50,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of LNW. Millennium Management LLC increased its stake in Light & Wonder by 573.3% during the 2nd quarter. Millennium Management LLC now owns 579,340 shares of the company’s stock worth $60,761,000 after buying an additional 493,295 shares during the period. SG Americas Securities LLC grew its stake in shares of Light & Wonder by 121.6% in the second quarter. SG Americas Securities LLC now owns 14,263 shares of the company’s stock worth $1,496,000 after acquiring an additional 7,828 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Light & Wonder during the second quarter worth $23,597,000. Intech Investment Management LLC acquired a new stake in shares of Light & Wonder in the second quarter valued at $1,620,000. Finally, M&G Plc purchased a new position in Light & Wonder in the first quarter valued at $10,570,000. 88.08% of the stock is currently owned by hedge funds and other institutional investors.

Light & Wonder Stock Up 0.9 %

LNW opened at $93.10 on Friday. Light & Wonder, Inc. has a one year low of $76.52 and a one year high of $115.00. The company has a debt-to-equity ratio of 4.90, a quick ratio of 1.58 and a current ratio of 1.85. The stock has a market capitalization of $8.26 billion, a P/E ratio of 28.91, a price-to-earnings-growth ratio of 0.43 and a beta of 1.75. The business’s 50-day simple moving average is $98.30 and its 200-day simple moving average is $99.81.

Light & Wonder (NASDAQ:LNW) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Light & Wonder had a return on equity of 50.89% and a net margin of 9.30%. The company had revenue of $817.00 million for the quarter, compared to analyst estimates of $826.65 million. Analysts anticipate that Light & Wonder, Inc. will post 4.41 EPS for the current year.

Light & Wonder declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 7th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 10.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have weighed in on LNW. Susquehanna cut their price target on Light & Wonder from $92.00 to $90.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. UBS Group upgraded shares of Light & Wonder from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 25th. Stifel Nicolaus decreased their price target on shares of Light & Wonder from $108.00 to $100.00 and set a “hold” rating for the company in a research note on Wednesday, September 25th. B. Riley initiated coverage on shares of Light & Wonder in a research report on Tuesday, October 8th. They issued a “buy” rating and a $120.00 price objective on the stock. Finally, Truist Financial decreased their price objective on shares of Light & Wonder from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $107.36.

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.