Bank of Nova Scotia Sells 66,300 Shares of Light & Wonder, Inc. (NASDAQ:LNW)

Key Points

• The Bank of Nova Scotia reduced its holdings in Light & Wonder, Inc. by 35.7%, owning approximately 119,159 shares valued at $10.32 million after selling 66,300 shares in the first quarter.
• Other investors, such as Bessemer Group Inc. and Ninety One UK Ltd, significantly increased their stakes, with Bessemer raising its holdings by 321.7%, totaling 1,572,022 shares valued at $136.15 million.
• Analysts have mixed views on Light & Wonder, with a consensus rating of "Moderate Buy" and a target price of $108.36, while recent earnings reports showed the company missed consensus estimates for EPS and revenue.

Bank of Nova Scotia cut its stake in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 35.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 119,159 shares of the company's stock after selling 66,300 shares during the quarter. Bank of Nova Scotia owned approximately 0.14% of Light & Wonder worth $10,320,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Versant Capital Management Inc increased its stake in shares of Light & Wonder by 4,783.3% during the 1st quarter. Versant Capital Management Inc now owns 293 shares of the company's stock worth $25,000 after purchasing an additional 287 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Light & Wonder by 3,861.1% during the first quarter. Farther Finance Advisors LLC now owns 713 shares of the company's stock valued at $63,000 after purchasing an additional 695 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Light & Wonder in the first quarter worth $71,000. CX Institutional bought a new stake in Light & Wonder in the 1st quarter worth approximately $87,000. Finally, US Bancorp DE lifted its holdings in shares of Light & Wonder by 18.7% in the 1st quarter. US Bancorp DE now owns 1,164 shares of the company's stock worth $101,000 after acquiring an additional 183 shares during the last quarter. 88.08% of the stock is currently owned by institutional investors and hedge funds.

Light & Wonder Stock Performance

NASDAQ:LNW traded up $2.30 during mid-day trading on Friday, hitting $80.17. 2,063,180 shares of the company traded hands, compared to its average volume of 918,391. The company has a quick ratio of 1.35, a current ratio of 1.57 and a debt-to-equity ratio of 6.26. The stock's fifty day moving average price is $92.84 and its 200-day moving average price is $92.08. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of 20.26, a price-to-earnings-growth ratio of 0.54 and a beta of 1.21. Light & Wonder, Inc. has a one year low of $69.56 and a one year high of $115.00.

Light & Wonder (NASDAQ:LNW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $1.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.44 by ($0.33). Light & Wonder had a net margin of 10.89% and a return on equity of 71.10%. The company had revenue of $809.00 million for the quarter, compared to the consensus estimate of $851.29 million. During the same quarter last year, the firm posted $0.90 earnings per share. The company's revenue was down 1.1% compared to the same quarter last year. Research analysts anticipate that Light & Wonder, Inc. will post 4.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on LNW shares. Jefferies Financial Group set a $116.00 target price on shares of Light & Wonder in a research note on Wednesday, June 25th. Mizuho increased their price target on shares of Light & Wonder from $80.00 to $84.00 and gave the stock an "underperform" rating in a research note on Thursday, May 8th. Wall Street Zen downgraded Light & Wonder from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Benchmark dropped their target price on shares of Light & Wonder from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday. Finally, Stifel Nicolaus increased their price objective on Light & Wonder from $84.00 to $95.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Light & Wonder has a consensus rating of "Moderate Buy" and a consensus target price of $105.64.

Light & Wonder Profile

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.