Fmr LLC Raises Holdings in Light & Wonder, Inc. (NASDAQ:LNW)

Fmr LLC grew its stake in Light & Wonder, Inc. (NASDAQ:LNW) by 28.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,452,052 shares of the company’s stock after buying an additional 324,088 shares during the quarter. Fmr LLC owned 1.64% of Light & Wonder worth $131,745,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Ninety One UK Ltd raised its stake in Light & Wonder by 128.0% in the second quarter. Ninety One UK Ltd now owns 910,298 shares of the company’s stock valued at $95,472,000 after buying an additional 511,081 shares in the last quarter. Millennium Management LLC raised its position in shares of 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. Susquehanna Fundamental Investments LLC purchased a new stake in Light & Wonder during the second quarter worth approximately $23,597,000. WINTON GROUP Ltd acquired a new position in Light & Wonder in the second quarter valued at approximately $15,539,000. Finally, Cubist Systematic Strategies LLC increased its stake in Light & Wonder by 333.4% in the second quarter. Cubist Systematic Strategies LLC now owns 118,791 shares of the company’s stock valued at $12,459,000 after purchasing an additional 91,384 shares during the last quarter. 88.08% of the stock is owned by institutional investors and hedge funds.

Light & Wonder Stock Performance

NASDAQ:LNW opened at $98.85 on Wednesday. The company has a debt-to-equity ratio of 4.49, a current ratio of 1.88 and a quick ratio of 1.61. The firm has a market cap of $8.73 billion, a price-to-earnings ratio of 30.70, a price-to-earnings-growth ratio of 0.59 and a beta of 1.71. The firm’s fifty day moving average price is $94.74 and its 200 day moving average price is $100.10. Light & Wonder, Inc. has a 1-year low of $76.52 and a 1-year high of $115.00.

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Craig Hallum upgraded shares of Light & Wonder to a “strong-buy” rating in a research report on Friday, October 4th. UBS Group upgraded shares of Light & Wonder from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 25th. Benchmark reiterated a “buy” rating and set a $114.00 target price on shares of Light & Wonder in a research report on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on Light & Wonder from $107.00 to $111.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Macquarie dropped their price target on Light & Wonder from $122.00 to $117.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.