Light & Wonder, Inc. (NASDAQ:LNW) Position Boosted by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its holdings in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 5.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 10,305 shares of the company’s stock after purchasing an additional 535 shares during the period. State of Alaska Department of Revenue’s holdings in Light & Wonder were worth $934,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Millennium Management LLC grew its stake in shares of Light & Wonder by 573.3% in the 2nd quarter. Millennium Management LLC now owns 579,340 shares of the company’s stock valued at $60,761,000 after buying an additional 493,295 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Light & Wonder by 121.6% in the 2nd quarter. SG Americas Securities LLC now owns 14,263 shares of the company’s stock valued at $1,496,000 after buying an additional 7,828 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Light & Wonder in the 2nd quarter worth approximately $23,597,000. Intech Investment Management LLC acquired a new stake in Light & Wonder in the 2nd quarter worth approximately $1,620,000. Finally, M&G Plc acquired a new stake in Light & Wonder in the 1st quarter worth approximately $10,570,000. Institutional investors own 88.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LNW. Stifel Nicolaus reduced their target price on Light & Wonder from $108.00 to $100.00 and set a “hold” rating for the company in a report on Wednesday, September 25th. Truist Financial cut their price target on Light & Wonder from $120.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Susquehanna cut their price target on Light & Wonder from $92.00 to $90.00 and set a “neutral” rating for the company in a report on Tuesday, September 24th. Benchmark reiterated a “buy” rating and set a $114.00 price target on shares of Light & Wonder in a report on Thursday, August 8th. Finally, UBS Group upgraded Light & Wonder from a “neutral” rating to a “buy” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.36.

Light & Wonder Stock Performance

Shares of NASDAQ LNW opened at $95.80 on Wednesday. The business has a fifty day simple moving average of $99.82 and a 200 day simple moving average of $99.51. The company has a current ratio of 1.85, a quick ratio of 1.58 and a debt-to-equity ratio of 4.90. The firm has a market capitalization of $8.50 billion, a price-to-earnings ratio of 28.86, a PEG ratio of 0.40 and a beta of 1.75. Light & Wonder, Inc. has a one year low of $76.52 and a one year high of $115.00.

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 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 company had revenue of $818.00 million during the quarter, compared to the consensus estimate of $798.09 million. During the same quarter last year, the company earned $1.02 earnings per share. The business’s revenue was up 11.9% on a year-over-year basis. Sell-side analysts expect that Light & Wonder, Inc. will post 4.41 EPS for the current year.

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

Light & Wonder 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.