Light & Wonder, Inc. (NASDAQ:LNW) Director Purchases $645,603.25 in 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 acquired 8,065 shares of the stock in a transaction that occurred on Sunday, August 10th. The stock was purchased at an average cost of $80.05 per share, with a total value of $645,603.25. Following the completion of the acquisition, the director owned 22,815 shares of the company's stock, valued at $1,826,340.75. The trade was a 54.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Light & Wonder Stock Down 0.3%

NASDAQ:LNW traded down $0.23 during trading hours on Friday, hitting $87.89. 104,025 shares of the stock traded hands, compared to its average volume of 947,562. The firm has a 50 day moving average price of $92.70 and a 200 day moving average price of $91.96. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of 22.17, a PEG ratio of 0.53 and a beta of 1.21. Light & Wonder, Inc. has a fifty-two week low of $69.56 and a fifty-two week high of $115.00. 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 (NASDAQ:LNW - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.14. The company had revenue of $809.00 million during the quarter, compared to analyst estimates of $851.29 million. Light & Wonder had a return on equity of 71.17% and a net margin of 10.89%. The company's revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. Equities research analysts anticipate that Light & Wonder, Inc. will post 4.3 earnings per share for the current year.

Hedge Funds Weigh In On Light & Wonder

A number of hedge funds have recently modified their holdings of LNW. Bessemer Group Inc. grew its position in shares of Light & Wonder by 321.7% in the first quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company's stock valued at $136,152,000 after purchasing an additional 1,199,213 shares during the last quarter. Norges Bank bought a new position in Light & Wonder during the second quarter worth about $99,368,000. Park West Asset Management LLC acquired a new stake in shares of Light & Wonder during the fourth quarter worth approximately $46,241,000. Turiya Advisors Asia Ltd acquired a new stake in shares of Light & Wonder during the second quarter worth approximately $49,911,000. Finally, Ninety One UK Ltd grew its holdings in Light & Wonder by 56.7% during the 1st quarter. Ninety One UK Ltd now owns 1,174,556 shares of the company's stock worth $101,728,000 after acquiring an additional 425,202 shares during the period. 88.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on LNW shares. Mizuho upped their target price on Light & Wonder from $80.00 to $84.00 and gave the company an "underperform" rating in a report on Thursday, May 8th. Jefferies Financial Group set a $116.00 target price on Light & Wonder in a report on Wednesday, June 25th. Macquarie lowered 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, August 7th. Truist Financial boosted their price objective on Light & Wonder from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Finally, Wall Street Zen downgraded Light & Wonder from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average 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.