Antonia Korsanos Acquires 8,065 Shares of Light & Wonder, Inc. (NASDAQ:LNW) Stock

Key Points

• Antonia Korsanos, a director at Light & Wonder, acquired 8,065 shares of the company at an average price of $80.05 per share, totaling approximately **$645,603.25** and increasing her ownership by 54.68%.
• Light & Wonder's recent earnings report showed an EPS of $1.58, exceeding estimates, but revenue was down by 1.1% compared to the previous year.
• Institutional investors hold a significant portion of the company, with 88.08% of its stock owned by hedge funds and institutions following several recent acquisitions.

Light & Wonder, Inc. (NASDAQ:LNW - Get Free Report) Director Antonia Korsanos bought 8,065 shares of the company's stock in a transaction on Sunday, August 10th. The stock was bought at an average cost of $80.05 per share, for a total transaction of $645,603.25. Following the completion of the transaction, the director directly owned 22,815 shares of the company's stock, valued at $1,826,340.75. This trade represents a 54.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Light & Wonder Stock Performance

LNW traded up $5.14 during midday trading on Monday, reaching $84.00. The company's stock had a trading volume of 2,868,640 shares, compared to its average volume of 989,454. The stock has a market cap of $7.05 billion, a P/E ratio of 21.21, a PEG ratio of 0.49 and a beta of 1.21. The company has a fifty day simple moving average of $92.57 and a 200 day simple moving average of $92.01. The company has a current ratio of 1.77, a quick ratio of 1.51 and a debt-to-equity ratio of 6.86. Light & Wonder, Inc. has a twelve month low of $69.56 and a twelve month high of $115.00.

Light & Wonder (NASDAQ:LNW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.44 by $0.14. The firm had revenue of $809.00 million during the quarter, compared to analysts' expectations of $851.29 million. Light & Wonder had a return on equity of 71.17% and a net margin of 10.89%. Light & Wonder's quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business earned $0.90 earnings per share. Research analysts expect that Light & Wonder, Inc. will post 4.3 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. boosted its position in Light & Wonder by 321.7% during the 1st quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company's stock worth $136,152,000 after acquiring an additional 1,199,213 shares during the last quarter. Park West Asset Management LLC bought a new position in shares of Light & Wonder in the 4th quarter valued at about $46,241,000. Ninety One UK Ltd increased its position in shares of Light & Wonder by 56.7% in the first quarter. Ninety One UK Ltd now owns 1,174,556 shares of the company's stock valued at $101,728,000 after acquiring an additional 425,202 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in Light & Wonder during the first quarter worth about $32,843,000. Finally, Broad Peak Investment Advisers Pte Ltd acquired a new position in Light & Wonder during the first quarter valued at approximately $20,960,000. 88.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on LNW shares. Wall Street Zen cut Light & Wonder from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Jefferies Financial Group set a $116.00 target price on Light & Wonder in a research note on Wednesday, June 25th. Stifel Nicolaus upped their target price on Light & Wonder from $84.00 to $95.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Truist Financial upped their target price on Light & Wonder from $110.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Finally, Macquarie reduced their target price on Light & Wonder from $122.00 to $117.00 and set an "outperform" rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $108.10.

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.

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