Redwood Investment Management LLC Invests $1.30 Million in Light & Wonder, Inc. $LNW

Key Points

• Redwood Investment Management LLC has invested approximately $1.30 million in Light & Wonder, acquiring 15,055 shares during the first quarter.
• Light & Wonder reported quarterly earnings of $1.58 per share, exceeding analyst expectations, although its revenue declined by 1.1% year-over-year.
• 88.08% of Light & Wonder's stock is owned by institutional investors, with significant recent purchases made by various firms, indicating strong confidence in the company.

Redwood Investment Management LLC purchased a new position in Light & Wonder, Inc. (NASDAQ:LNW - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 15,055 shares of the company's stock, valued at approximately $1,304,000.

A number of other large investors also recently bought and sold shares of the business. Centaurus Financial Inc. raised its holdings 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 purchasing an additional 108 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Light & Wonder by 0.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,018 shares of the company's stock valued at $1,907,000 after acquiring an additional 133 shares during the last quarter. Simon Quick Advisors LLC raised its holdings in shares of Light & Wonder by 2.9% during the first quarter. Simon Quick Advisors LLC now owns 4,752 shares of the company's stock valued at $412,000 after acquiring an additional 136 shares during the last quarter. KBC Group NV raised its holdings in shares of Light & Wonder by 3.8% during the first quarter. KBC Group NV now owns 3,746 shares of the company's stock valued at $324,000 after acquiring an additional 137 shares during the last quarter. Finally, US Bancorp DE raised its holdings in shares of Light & Wonder by 18.7% during the first quarter. US Bancorp DE now owns 1,164 shares of the company's stock valued at $101,000 after acquiring an additional 183 shares during the last quarter. Institutional investors and hedge funds own 88.08% of the company's stock.

Insiders Place Their Bets

In other Light & Wonder news, Director Jamie Odell acquired 8,275 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $78.81 per share, for a total transaction of $652,152.75. Following the completion of the transaction, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy Throsby acquired 20,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average price of $89.37 per share, with a total value of $1,787,400.00. Following the completion of the transaction, the director directly owned 42,082 shares of the company's stock, valued at $3,760,868.34. This trade represents a 90.57% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 37,756 shares of company stock valued at $3,209,088. 2.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Stifel Nicolaus increased their target price on Light & Wonder from $84.00 to $95.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Truist Financial upped their price target on Light & Wonder from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Macquarie dropped their price target 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. Jefferies Financial Group set a $116.00 price target on Light & Wonder in a research report on Wednesday, June 25th. Finally, Zacks Research lowered Light & Wonder from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Light & Wonder currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.11.

Light & Wonder Trading Up 0.7%

Light & Wonder stock traded up $0.64 during mid-day trading on Friday, hitting $92.47. The company's stock had a trading volume of 700,158 shares, compared to its average volume of 1,570,761. The firm has a market capitalization of $7.76 billion, a PE ratio of 23.35, a price-to-earnings-growth ratio of 0.55 and a beta of 1.21. Light & Wonder, Inc. has a 1 year low of $69.56 and a 1 year 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 stock's fifty day moving average is $93.81 and its two-hundred day moving average is $92.13.

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

Light & Wonder Profile

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.