Light & Wonder (NASDAQ:LNW) Hits New 52-Week Low Following Analyst Downgrade

Light & Wonder, Inc. (NASDAQ:LNW) shares reached a new 52-week low during mid-day trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $104.00 to $93.00. Stifel Nicolaus currently has a hold rating on the stock. Light & Wonder traded as low as $82.73 and last traded at $83.98, with a volume of 155461 shares traded. The stock had previously closed at $91.95.

A number of other equities analysts also recently commented on LNW. Macquarie boosted their price objective on shares of Light & Wonder from $122.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Citigroup upgraded Light & Wonder from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 19th. Benchmark raised their price target on shares of Light & Wonder from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 28th. Mizuho increased their target price on shares of Light & Wonder from $76.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. upped their price target on Light & Wonder from $103.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $109.91.

Insider Transactions at Light & Wonder

In related news, CEO Siobhan Lane sold 3,784 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $105.37, for a total transaction of $398,720.08. Following the sale, the chief executive officer now directly owns 21,254 shares of the company’s stock, valued at approximately $2,239,533.98. This represents a 15.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP James Sottile sold 2,356 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $105.54, for a total transaction of $248,652.24. Following the sale, the vice president now owns 77,331 shares in the company, valued at approximately $8,161,513.74. This represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,867 shares of company stock worth $1,037,884 over the last quarter. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Light & Wonder

A number of large investors have recently bought and sold shares of the business. Cerity Partners LLC increased its position in shares of Light & Wonder by 222.1% in the third quarter. Cerity Partners LLC now owns 13,042 shares of the company’s stock valued at $1,183,000 after buying an additional 8,993 shares in the last quarter. FMR LLC raised its position in Light & Wonder by 28.7% during the third quarter. FMR LLC now owns 1,452,052 shares of the company’s stock worth $131,745,000 after acquiring an additional 324,088 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Light & Wonder by 108.6% during the third quarter. BNP Paribas Financial Markets now owns 12,434 shares of the company’s stock worth $1,128,000 after purchasing an additional 6,472 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Light & Wonder by 1.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,559 shares of the company’s stock valued at $1,775,000 after buying an additional 281 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Light & Wonder by 1.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 206,851 shares of the company’s stock worth $18,768,000 after buying an additional 2,972 shares in the last quarter. Institutional investors and hedge funds own 88.08% of the company’s stock.

Light & Wonder Stock Down 9.0 %

The firm has a market cap of $7.07 billion, a price-to-earnings ratio of 25.99, a PEG ratio of 0.35 and a beta of 1.59. The business has a fifty day simple moving average of $98.37 and a 200 day simple moving average of $95.30. The company has a debt-to-equity ratio of 4.49, a current ratio of 1.88 and a quick ratio of 1.61.

About Light & Wonder

Light & Wonder, Inc is a cross-platform global games company, which engages in the development of content and digital markets. It operates through the following segments: Gaming, SciPlay, and iGaming. The Gaming segment includes the design, manufacture, marketing, and distribution of portfolio of gaming products and services.