Quest Partners LLC Takes $337,000 Position in Light & Wonder, Inc. (NASDAQ:LNW)

Quest Partners LLC acquired a new stake in Light & Wonder, Inc. (NASDAQ:LNW) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,716 shares of the company’s stock, valued at approximately $337,000.

Several other hedge funds and other institutional investors have also modified their holdings of LNW. Ninety One UK Ltd lifted its stake in shares of Light & Wonder by 128.0% in the 2nd quarter. Ninety One UK Ltd now owns 910,298 shares of the company’s stock valued at $95,472,000 after purchasing an additional 511,081 shares in the last quarter. Millennium Management LLC lifted its position 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 acquiring an additional 493,295 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in 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 worth $78,320,000 after acquiring an additional 388,781 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Light & Wonder during the 2nd quarter worth approximately $23,597,000. Finally, WINTON GROUP Ltd acquired a new position in Light & Wonder during the 2nd quarter worth approximately $15,539,000. 88.08% of the stock is owned by institutional investors and hedge funds.

Light & Wonder Price Performance

Shares of NASDAQ LNW opened at $98.45 on Tuesday. Light & Wonder, Inc. has a twelve month low of $76.52 and a twelve month high of $115.00. The company has a current ratio of 1.88, a quick ratio of 1.61 and a debt-to-equity ratio of 4.49. The company has a market capitalization of $8.69 billion, a price-to-earnings ratio of 30.57, a price-to-earnings-growth ratio of 0.58 and a beta of 1.75. The business has a 50 day simple moving average of $96.28 and a 200-day simple moving average of $99.97.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Craig Hallum raised Light & Wonder to a “strong-buy” rating in a research report on Friday, October 4th. B. Riley began coverage on Light & Wonder in a research report on Tuesday, October 8th. They set a “buy” rating and a $120.00 price target on the stock. Truist Financial dropped their price objective on Light & Wonder from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on Light & Wonder from $76.00 to $81.00 and gave the stock a “hold” rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. lifted their price objective on Light & Wonder from $107.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Light & Wonder presently has an average rating of “Moderate Buy” and a consensus target price of $107.36.

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.