Light & Wonder, Inc. $LNW Shares Bought by Quarry LP

Key Points

• Quarry LP significantly increased its stake in Light & Wonder, acquiring an additional 4,250 shares, resulting in a total of 4,651 shares valued at approximately $403,000.
• Notable insider purchases include Director Jamie Odell and Director Timothy Throsby, who bought shares worth $652,153 and $1,787,400 respectively, indicating strong confidence in the company's future.
• Wall Street analysts have mixed ratings for Light & Wonder, with an average price target of $104.11, reflecting a range of buy, hold, and sell recommendations.

Quarry LP boosted its holdings in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 1,059.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,651 shares of the company's stock after buying an additional 4,250 shares during the quarter. Quarry LP's holdings in Light & Wonder were worth $403,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its holdings in Light & Wonder by 4,783.3% during the 1st quarter. Versant Capital Management Inc now owns 293 shares of the company's stock worth $25,000 after buying an additional 287 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Light & Wonder by 3,861.1% during the 1st quarter. Farther Finance Advisors LLC now owns 713 shares of the company's stock worth $63,000 after buying an additional 695 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in Light & Wonder during the 1st quarter worth approximately $71,000. CX Institutional acquired a new stake in Light & Wonder during the 1st quarter worth approximately $87,000. Finally, US Bancorp DE lifted its holdings in Light & Wonder by 18.7% during the 1st quarter. US Bancorp DE now owns 1,164 shares of the company's stock worth $101,000 after buying an additional 183 shares in the last quarter. 88.08% of the stock is currently owned by institutional investors and hedge funds.

Light & Wonder Stock Up 2.9%

NASDAQ:LNW traded up $2.48 during midday trading on Thursday, hitting $87.79. 1,508,558 shares of the company were exchanged, compared to its average volume of 964,186. The company has a fifty day simple moving average of $93.87 and a 200 day simple moving average of $91.97. Light & Wonder, Inc. has a fifty-two week low of $69.56 and a fifty-two 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. The company has a market capitalization of $7.37 billion, a PE ratio of 22.17, a price-to-earnings-growth ratio of 0.56 and a beta of 1.18.

Light & Wonder (NASDAQ:LNW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.58 EPS for the quarter, topping 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 analyst estimates of $851.29 million. During the same period last year, the business earned $0.90 EPS. Light & Wonder's revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities analysts anticipate that Light & Wonder, Inc. will post 4.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on LNW. Mizuho increased their target price on shares of Light & Wonder from $80.00 to $84.00 and gave the stock an "underperform" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. lowered Light & Wonder from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $108.00 to $95.00 in a report on Thursday, August 7th. Wall Street Zen lowered Light & Wonder from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Zacks Research lowered Light & Wonder from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. Finally, Benchmark dropped their target price on Light & Wonder from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $104.11.

Insider Activity at Light & Wonder

In related news, Director Antonia Korsanos purchased 8,065 shares of the business's stock in a transaction that occurred on Sunday, August 10th. The shares were purchased at an average cost of $80.05 per share, for a total transaction of $645,603.25. Following the purchase, the director directly owned 22,815 shares of the company's stock, valued at $1,826,340.75. The trade was a 54.68% increase in their ownership of the stock. The purchase 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 stock was acquired at an average price of $78.81 per share, for a total transaction of $652,152.75. Following the completion of the purchase, the director owned 8,275 shares of the company's stock, valued at $652,152.75. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have bought 37,756 shares of company stock valued at $3,209,088 over the last quarter. 2.20% of the stock is owned by 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.