34,142 Shares in Light & Wonder, Inc. $LNW Acquired by Fox Run Management L.L.C.

Key Points

• Fox Run Management L.L.C. has taken a new stake in Light & Wonder, Inc., acquiring approximately $2.96 million worth of shares, which now represents about 0.5% of its total holdings.
• Light & Wonder reported quarterly earnings of $1.58 per share, exceeding analysts' expectations, but its revenue of $809 million fell short of predictions.
• Insider trading activity has increased, with directors purchasing significant amounts of shares, indicating potential confidence in the company's future prospects.

Fox Run Management L.L.C. purchased a new stake in Light & Wonder, Inc. (NASDAQ:LNW - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 34,142 shares of the company's stock, valued at approximately $2,957,000. Light & Wonder makes up about 0.5% of Fox Run Management L.L.C.'s investment portfolio, making the stock its 9th largest holding.

Other institutional investors have also modified their holdings of the company. Versant Capital Management Inc raised its position in shares of Light & Wonder by 4,783.3% in the first quarter. Versant Capital Management Inc now owns 293 shares of the company's stock valued at $25,000 after buying an additional 287 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Light & Wonder by 3,861.1% in 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 period. Harvest Fund Management Co. Ltd purchased a new position in shares of Light & Wonder in the first quarter valued at $71,000. CX Institutional purchased a new position in shares of Light & Wonder in the first quarter valued at $87,000. Finally, US Bancorp DE boosted its stake in shares of Light & Wonder by 18.7% in the first quarter. US Bancorp DE now owns 1,164 shares of the company's stock valued at $101,000 after purchasing an additional 183 shares during the period. Institutional investors and hedge funds own 88.08% of the company's stock.

Insider Activity at Light & Wonder

In related news, Director Jamie Odell purchased 8,275 shares of the company's stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $78.81 per share, for a total transaction of $652,152.75. Following the transaction, the director owned 8,275 shares of the company's stock, valued at $652,152.75. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Timothy Throsby purchased 20,000 shares of the company's stock in a transaction on Thursday, August 14th. The shares were bought at an average price of $89.37 per share, for a total transaction of $1,787,400.00. Following the completion of the transaction, the director directly owned 42,082 shares in the company, valued at $3,760,868.34. This represents a 90.57% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 37,756 shares of company stock valued at $3,209,088 over the last quarter. Corporate insiders own 2.20% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Truist Financial upped their target price on shares of Light & Wonder from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Stifel Nicolaus increased their price objective on shares of Light & Wonder from $84.00 to $95.00 and gave the company a "hold" rating in a research note on Thursday, May 8th. Mizuho increased their price objective on shares of Light & Wonder from $80.00 to $84.00 and gave the company an "underperform" rating in a research note on Thursday, May 8th. Jefferies Financial Group set a $116.00 price objective on shares of Light & Wonder in a research note on Wednesday, June 25th. Finally, Macquarie reduced their price target on shares of Light & Wonder from $122.00 to $117.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Light & Wonder presently has a consensus rating of "Moderate Buy" and an average price target of $108.10.

Light & Wonder Stock Performance

NASDAQ:LNW traded up $3.6050 during mid-day trading on Tuesday, hitting $91.8050. The stock had a trading volume of 659,285 shares, compared to its average volume of 954,204. The stock has a market capitalization of $7.71 billion, a price-to-earnings ratio of 23.16, a P/E/G ratio of 0.53 and a beta of 1.21. The company has a 50 day simple moving average of $92.72 and a 200-day simple moving average of $92.01. Light & Wonder, Inc. has a 52 week low of $69.56 and a 52 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 issued its quarterly earnings data on Wednesday, August 6th. The company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.14. Light & Wonder had a net margin of 10.89% and a return on equity of 71.17%. The firm had revenue of $809.00 million for the quarter, compared to the consensus estimate of $851.29 million. During the same period last year, the firm posted $0.90 EPS. Light & Wonder's quarterly revenue was down 1.1% compared to the same quarter last year. On average, research analysts expect that Light & Wonder, Inc. will post 4.3 earnings per share for the current fiscal year.

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.