Light & Wonder, Inc. (NASDAQ:LNW) Receives Average Rating of "Moderate Buy" from Brokerages

Light & Wonder, Inc. (NASDAQ:LNW - Get Free Report) has earned an average rating of "Moderate Buy" from the thirteen analysts that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $107.36.

A number of brokerages recently issued reports on LNW. Susquehanna decreased their target price on shares of Light & Wonder from $92.00 to $90.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 24th. B. Riley assumed coverage on Light & Wonder in a report on Tuesday, October 8th. They set a "buy" rating and a $120.00 price objective on the stock. Stifel Nicolaus dropped their target price on Light & Wonder from $108.00 to $100.00 and set a "hold" rating for the company in a research note on Wednesday, September 25th. Benchmark reissued a "buy" rating and issued a $114.00 price target on shares of Light & Wonder in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Light & Wonder from $107.00 to $111.00 and gave the stock an "overweight" rating in a report on Thursday, August 8th.

Light & Wonder Price Performance

LNW traded down $0.44 during midday trading on Monday, reaching $92.80. 825,434 shares of the company's stock were exchanged, compared to its average volume of 713,306. The business's 50-day moving average price is $97.80 and its 200 day moving average price is $99.97. The stock has a market capitalization of $8.20 billion, a PE ratio of 28.82, a P/E/G ratio of 0.51 and a beta of 1.75. Light & Wonder has a 1-year low of $76.52 and a 1-year high of $115.00. The company has a debt-to-equity ratio of 4.49, a current ratio of 1.88 and a quick ratio of 1.58.

Light & Wonder declared that its Board of Directors has approved a share buyback program on Wednesday, August 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 10.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Light & Wonder

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC lifted its position in shares of Light & Wonder by 573.3% during the second quarter. Millennium Management LLC now owns 579,340 shares of the company's stock worth $60,761,000 after purchasing an additional 493,295 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Light & Wonder by 121.6% during the second quarter. SG Americas Securities LLC now owns 14,263 shares of the company's stock valued at $1,496,000 after acquiring an additional 7,828 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Light & Wonder during the second quarter worth about $23,597,000. Intech Investment Management LLC purchased a new stake in shares of Light & Wonder during the second quarter worth about $1,620,000. Finally, Comerica Bank lifted its stake in shares of Light & Wonder by 85.1% in the first quarter. Comerica Bank now owns 47,874 shares of the company's stock worth $4,887,000 after acquiring an additional 22,017 shares in the last quarter. 88.08% of the stock is owned by institutional investors and hedge funds.

About Light & Wonder

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.