Macquarie Trims Light & Wonder (NASDAQ:LNW) Target Price to $117.00

Light & Wonder (NASDAQ:LNW) had its target price cut by Macquarie from $122.00 to $117.00 in a research report released on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also issued reports on LNW. JPMorgan Chase & Co. increased their target price on Light & Wonder from $107.00 to $111.00 and gave the stock an overweight rating in a research note on Thursday, August 8th. UBS Group raised shares of Light & Wonder from a neutral rating to a buy rating in a research note on Wednesday. Truist Financial upped their target price on shares of Light & Wonder from $115.00 to $120.00 and gave the stock a buy rating in a research note on Thursday, July 18th. Benchmark restated a buy rating and issued a $114.00 price target on shares of Light & Wonder in a research note on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Light & Wonder from $76.00 to $81.00 and gave the stock a hold rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $106.60.

Light & Wonder Price Performance

Shares of LNW opened at $92.38 on Wednesday. The firm has a 50-day simple moving average of $105.25 and a two-hundred day simple moving average of $100.56. The stock has a market cap of $8.20 billion, a PE ratio of 38.33, a P/E/G ratio of 0.38 and a beta of 1.77. Light & Wonder has a 1-year low of $67.71 and a 1-year high of $115.00. The company has a debt-to-equity ratio of 4.90, a current ratio of 1.85 and a quick ratio of 1.58.

Light & Wonder (NASDAQ:LNW) last posted its earnings results on Wednesday, August 7th. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $798.09 million. During the same quarter last year, the business posted $1.02 EPS. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. As a group, analysts forecast that Light & Wonder will post 4.44 EPS for the current year.

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

Institutional Investors Weigh In On Light & Wonder

Institutional investors have recently added to or reduced their stakes in the business. Ninety One UK Ltd increased 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 purchasing an additional 511,081 shares during the last quarter. Millennium Management LLC grew its position 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 during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Light & Wonder by 95.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 896,372 shares of the company’s stock valued at $73,601,000 after buying an additional 438,443 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Light & Wonder by 102.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 767,155 shares of the company’s stock valued at $78,320,000 after acquiring an additional 388,781 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Light & Wonder in the second quarter valued at $23,597,000. Hedge funds and other institutional investors own 88.08% of the company’s stock.

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.