Park West Asset Management LLC Sells 424,315 Shares of Light & Wonder, Inc. $LNW

Key Points

• Park West Asset Management LLC significantly reduced its stake in Light & Wonder, Inc., selling 424,315 shares and now holding 111,000 shares, which is a decrease of 79.3%.
• Various institutional investors increased their positions in Light & Wonder, with Bessemer Group Inc. raising its stake by 321.7% and Penserra Capital Management LLC increasing its position by 463.6% during the first quarter.
• Analyst ratings for Light & Wonder vary, with two firms rating it a Strong Buy and others assigning it Hold and Sell ratings, reflecting differing outlooks on its stock performance.

Park West Asset Management LLC trimmed its stake in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 79.3% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 111,000 shares of the company's stock after selling 424,315 shares during the quarter. Park West Asset Management LLC owned about 0.13% of Light & Wonder worth $9,614,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Bessemer Group Inc. lifted its position in shares of Light & Wonder by 321.7% during the 1st 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 position 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 worth $101,728,000 after buying an additional 425,202 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Light & Wonder by 63.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,191 shares of the company's stock worth $363,000 after buying an additional 1,632 shares during the last quarter. Calamos Wealth Management LLC bought a new stake in shares of Light & Wonder during the 1st quarter worth $294,000. Finally, Penserra Capital Management LLC lifted its position in shares of Light & Wonder by 463.6% during the 1st quarter. Penserra Capital Management LLC now owns 12,738 shares of the company's stock worth $1,102,000 after buying an additional 10,478 shares during the last quarter. Institutional investors and hedge funds own 88.08% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Truist Financial upped their price objective on Light & Wonder from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Jefferies Financial Group set a $116.00 price objective on Light & Wonder in a research report on Wednesday, June 25th. Zacks Research downgraded Light & Wonder from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. JPMorgan Chase & Co. downgraded Light & Wonder from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $108.00 to $95.00 in a research report on Thursday, August 7th. Finally, Macquarie dropped their price objective on Light & Wonder from $122.00 to $117.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Light & Wonder has an average rating of "Moderate Buy" and an average price target of $104.11.

Light & Wonder Price Performance

Shares of LNW opened at $89.15 on Friday. Light & Wonder, Inc. has a 12-month low of $69.56 and a 12-month high of $115.00. The business has a 50-day simple moving average of $93.58 and a two-hundred day simple moving average of $91.82. 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 stock has a market cap of $7.48 billion, a PE ratio of 22.51, a PEG ratio of 0.53 and a beta of 1.18.

Light & Wonder (NASDAQ:LNW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.44 by $0.14. Light & Wonder had a return on equity of 71.17% and a net margin of 10.89%.The business had revenue of $809.00 million during the quarter, compared to analysts' expectations of $851.29 million. During the same quarter in the prior year, the firm earned $0.90 EPS. The business's revenue for the quarter was down 1.1% compared to the same quarter last year. Analysts anticipate that Light & Wonder, Inc. will post 4.3 earnings per share for the current fiscal year.

Insider Transactions at Light & Wonder

In related news, Director Hamish Mclennan purchased 1,380 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was bought at an average price of $87.61 per share, with a total value of $120,901.80. Following the completion of the purchase, the director owned 6,380 shares in the company, valued at approximately $558,951.80. This represents a 27.60% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy Throsby purchased 20,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost of $89.37 per share, with a total value of $1,787,400.00. Following the purchase, the director owned 42,082 shares of the company's stock, valued at approximately $3,760,868.34. This trade represents a 90.57% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 37,756 shares of company stock worth $3,209,088 in the last 90 days. 2.20% of the stock is currently owned by company insiders.

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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