Light & Wonder (NASDAQ:LNW) Shares Down 4.2% - What's Next?

Light & Wonder, Inc. (NASDAQ:LNW - Get Free Report) shares were down 4.2% during mid-day trading on Thursday . The company traded as low as $99.85 and last traded at $101.05. Approximately 114,451 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 702,938 shares. The stock had previously closed at $105.49.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on LNW. Benchmark increased their price target on shares of Light & Wonder from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Citigroup raised shares of Light & Wonder from a "neutral" rating to a "buy" rating in a research report on Wednesday, February 19th. Mizuho upped their price target on Light & Wonder from $76.00 to $80.00 and gave the stock an "underperform" rating in a research note on Wednesday, February 26th. Jefferies Financial Group raised their price objective on Light & Wonder from $120.00 to $121.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Light & Wonder from $103.00 to $110.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Light & Wonder currently has a consensus rating of "Moderate Buy" and an average price target of $110.91.

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Light & Wonder Price Performance

The company has a market cap of $7.32 billion, a price-to-earnings ratio of 26.90, a price-to-earnings-growth ratio of 0.35 and a beta of 1.59. 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 fifty day moving average price of $98.48 and a two-hundred day moving average price of $95.66.

Insider Activity at Light & Wonder

In related news, CFO Oliver Chow sold 2,595 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $104.94, for a total transaction of $272,319.30. Following the transaction, the chief financial officer now directly owns 3,695 shares of the company's stock, valued at approximately $387,753.30. The trade was a 41.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Vanja Kalabic sold 1,132 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $104.41, for a total value of $118,192.12. Following the sale, the chief accounting officer now owns 5,016 shares of the company's stock, valued at approximately $523,720.56. This represents a 18.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,867 shares of company stock valued at $1,037,884 over the last ninety days. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Light & Wonder

Several institutional investors and hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd acquired a new stake in shares of Light & Wonder during the 4th quarter worth approximately $596,000. Inceptionr LLC acquired a new stake in shares of Light & Wonder in the 4th quarter valued at $261,000. AXQ Capital LP raised its holdings in shares of Light & Wonder by 94.6% during the 4th quarter. AXQ Capital LP now owns 7,198 shares of the company's stock worth $622,000 after buying an additional 3,500 shares in the last quarter. Main Management ETF Advisors LLC acquired a new stake in Light & Wonder in the third quarter valued at about $774,000. Finally, State Street Corp grew its position in Light & Wonder by 2.2% in the third quarter. State Street Corp now owns 2,651,627 shares of the company's stock valued at $240,582,000 after acquiring an additional 56,890 shares during the last quarter. Institutional investors own 88.08% of the company's stock.

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.