Harvard Management Co. Inc. Sells 382,805 Shares of Light & Wonder, Inc. (NASDAQ:LNW)

Key Points

• Harvard Management Co. Inc. has reduced its stake in Light & Wonder, Inc. by 26.6%, selling 382,805 shares in the first quarter, and now holds 1,058,892 shares worth approximately $91.7 million.
• Shares of Light & Wonder are currently down 6.4%, with a market cap of $7.46 billion and a P/E ratio of 23.57.
• In the latest earnings report, Light & Wonder missed consensus profit estimates, reporting earnings per share (EPS) of $0.94 against the expected $1.17, despite a 2.4% year-over-year revenue increase.

Harvard Management Co. Inc. lessened its holdings in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 26.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,058,892 shares of the company's stock after selling 382,805 shares during the period. Light & Wonder makes up about 8.1% of Harvard Management Co. Inc.'s portfolio, making the stock its 6th biggest holding. Harvard Management Co. Inc. owned about 1.25% of Light & Wonder worth $91,711,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LNW. Centaurus Financial Inc. raised its stake in Light & Wonder by 3.3% in the 4th quarter. Centaurus Financial Inc. now owns 3,350 shares of the company's stock worth $289,000 after acquiring an additional 108 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Light & Wonder by 0.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,018 shares of the company's stock worth $1,907,000 after acquiring an additional 133 shares during the last quarter. Simon Quick Advisors LLC raised its stake in Light & Wonder by 2.9% in the 1st quarter. Simon Quick Advisors LLC now owns 4,752 shares of the company's stock worth $412,000 after acquiring an additional 136 shares during the last quarter. KBC Group NV raised its stake in Light & Wonder by 3.8% in the 1st quarter. KBC Group NV now owns 3,746 shares of the company's stock worth $324,000 after acquiring an additional 137 shares during the last quarter. Finally, US Bancorp DE raised its stake in 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. Hedge funds and other institutional investors own 88.08% of the company's stock.

Light & Wonder Price Performance

Shares of LNW stock traded up $0.99 during mid-day trading on Friday, hitting $78.86. 3,362,011 shares of the stock were exchanged, compared to its average volume of 844,787. Light & Wonder, Inc. has a 52-week low of $69.56 and a 52-week high of $115.00. The company has a quick ratio of 1.35, a current ratio of 1.77 and a debt-to-equity ratio of 6.86. The company has a market cap of $6.62 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 0.47 and a beta of 1.21. The firm has a fifty day moving average of $92.60 and a 200 day moving average of $92.01.

Light & Wonder (NASDAQ:LNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.44 by $0.14. The company 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 quarter in the prior year, the firm posted $0.90 EPS. Research analysts anticipate that Light & Wonder, Inc. will post 4.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Mizuho raised their target price on Light & Wonder from $80.00 to $84.00 and gave the stock an "underperform" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. lowered Light & Wonder from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $108.00 to $95.00 in a research note on Thursday. Jefferies Financial Group set a $116.00 target price on Light & Wonder in a research note on Wednesday, June 25th. Truist Financial increased their price target 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, Stifel Nicolaus increased their price target on Light & Wonder from $84.00 to $95.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Light & Wonder has an average rating of "Moderate Buy" and a consensus price target 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.