Deutsche Bank AG Cuts Holdings in Light & Wonder, Inc. (NASDAQ:LNW)

Key Points

• Deutsche Bank AG has decreased its holdings in Light & Wonder, Inc. by 32.7% in the first quarter, owning approximately 0.70% of the company after selling 290,461 shares.
• Directors Jamie Odell and Antonia Korsanos significantly increased their positions by purchasing 8,275 and 8,065 shares, respectively, at average prices of $78.81 and $80.05 per share.
• Light & Wonder reported a quarterly earnings per share of $1.58, exceeding analysts' expectations, while its revenue of $809 million fell short of forecasts of $851.29 million.

Deutsche Bank AG trimmed its holdings in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 32.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 597,031 shares of the company's stock after selling 290,461 shares during the quarter. Deutsche Bank AG owned 0.70% of Light & Wonder worth $51,709,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its holdings in shares of Light & Wonder by 4,783.3% during 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 grew its stake in Light & Wonder by 3,861.1% during the 1st 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 stake in Light & Wonder during the 1st quarter valued at about $71,000. CX Institutional acquired a new position in shares of Light & Wonder in the first quarter valued at about $87,000. Finally, US Bancorp DE increased its holdings 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. 88.08% of the stock is currently owned by hedge funds and other institutional investors.

Light & Wonder Trading Up 1.9%

NASDAQ:LNW traded up $1.67 during trading hours on Wednesday, reaching $88.52. 1,089,338 shares of the stock were exchanged, compared to its average volume of 1,214,231. Light & Wonder, Inc. has a twelve month low of $69.56 and a twelve month high of $115.00. The company has a quick ratio of 1.51, a current ratio of 1.77 and a debt-to-equity ratio of 6.86. The business has a 50-day moving average of $92.65 and a two-hundred day moving average of $91.95. The company has a market capitalization of $7.43 billion, a price-to-earnings ratio of 22.35, a PEG ratio of 0.52 and a beta of 1.21.

Light & Wonder (NASDAQ:LNW - Get Free Report) last posted 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 business had revenue of $809.00 million during the quarter, compared to analyst estimates of $851.29 million. Light & Wonder had a net margin of 10.89% and a return on equity of 71.17%. The business's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 earnings per share. On average, equities analysts predict that Light & Wonder, Inc. will post 4.3 EPS for the current year.

Insider Activity at Light & Wonder

In other Light & Wonder news, Director Antonia Korsanos bought 8,065 shares of the firm's stock in a transaction that occurred on Sunday, August 10th. The stock was purchased at an average price of $80.05 per share, for a total transaction of $645,603.25. Following the completion of the purchase, the director directly owned 22,815 shares in the company, valued at $1,826,340.75. This trade represents a 54.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jamie Odell acquired 8,275 shares of the company's stock in a transaction on Thursday, August 7th. The shares were purchased at an average cost of $78.81 per share, for a total transaction of $652,152.75. Following the acquisition, the director owned 8,275 shares of the company's stock, valued at approximately $652,152.75. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 16,376 shares of company stock worth $1,300,786. 2.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on LNW. JPMorgan Chase & Co. downgraded Light & Wonder from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $108.00 to $95.00 in a research report on Thursday, August 7th. Jefferies Financial Group set a $116.00 price objective on shares of Light & Wonder in a research note on Wednesday, June 25th. Truist Financial lifted their target price on shares of Light & Wonder from $110.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Mizuho boosted their target price 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. Finally, 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 report on Friday, August 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus 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.