Ieq Capital LLC Decreases Stock Position in Light & Wonder, Inc. $LNW

Key Points

• Ieq Capital LLC significantly reduced its holdings in Light & Wonder, Inc. by 56.6% during the first quarter, now owning 8,821 shares worth $764,000.
• Contrastingly, Bessemer Group Inc. increased its position by 321.7% to 1,572,022 shares, valued at approximately $136.15 million.
• Light & Wonder reported an EPS of $1.58 for the quarter, exceeding expectations, but its revenue of $809 million fell short of analyst predictions.

Ieq Capital LLC reduced its position in Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 56.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,821 shares of the company's stock after selling 11,522 shares during the quarter. Ieq Capital LLC's holdings in Light & Wonder were worth $764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of LNW. Bessemer Group Inc. increased its position in Light & Wonder by 321.7% in the first quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company's stock worth $136,152,000 after buying an additional 1,199,213 shares during the last quarter. Ninety One UK Ltd lifted its stake in shares of Light & Wonder by 56.7% during the 1st quarter. Ninety One UK Ltd now owns 1,174,556 shares of the company's stock valued at $101,728,000 after buying an additional 425,202 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Light & Wonder during the 1st quarter valued at approximately $32,843,000. Broad Peak Investment Advisers Pte Ltd purchased a new stake in shares of Light & Wonder during the 1st quarter valued at approximately $20,960,000. Finally, Nuveen LLC purchased a new stake in shares of Light & Wonder during the 1st quarter valued at approximately $17,425,000. 88.08% of the stock is owned by hedge funds and other institutional investors.

Light & Wonder Price Performance

Shares of NASDAQ:LNW opened at $88.23 on Wednesday. The company has a 50 day moving average of $94.05 and a 200 day moving average of $92.01. The stock has a market cap of $7.41 billion, a P/E ratio of 22.28, a P/E/G ratio of 0.56 and a beta of 1.18. Light & Wonder, Inc. has a 12 month low of $69.56 and a 12 month 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 EPS for the quarter, beating the consensus estimate 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 net margin of 10.89% and a return on equity of 71.17%. Light & Wonder's revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 earnings per share. As a group, sell-side analysts forecast that Light & Wonder, Inc. will post 4.3 EPS for the current fiscal year.

Insider Activity

In related news, Director Hamish Mclennan purchased 1,380 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was acquired at an average price of $87.61 per share, with a total value of $120,901.80. Following the purchase, the director directly owned 6,380 shares in the company, valued at approximately $558,951.80. This represents a 27.60% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Antonia Korsanos purchased 8,065 shares of the business's stock in a transaction on Sunday, August 10th. The stock was bought at an average cost of $80.05 per share, with a total value of $645,603.25. Following the purchase, the director owned 22,815 shares in the company, valued at approximately $1,826,340.75. This represents a 54.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 37,756 shares of company stock worth $3,209,088 in the last three months. Insiders own 2.20% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on LNW shares. JPMorgan Chase & Co. cut shares of Light & Wonder from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $108.00 to $95.00 in a research note on Thursday, August 7th. Jefferies Financial Group set a $116.00 price target on shares of Light & Wonder in a research note on Wednesday, June 25th. Benchmark dropped their price target 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, August 8th. Stifel Nicolaus upped their price target 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. Finally, Macquarie dropped 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 note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Light & Wonder currently has an average rating of "Moderate Buy" and a consensus target price of $104.11.

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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