Light & Wonder (NASDAQ:LNW) Lowered to "Neutral" Rating by JPMorgan Chase & Co.

Key Points

• Light & Wonder has been downgraded from "overweight" to "neutral" by JPMorgan Chase & Co., with a target price of $95.00, indicating a potential upside of 4.49% from its last close.
• The company reported earnings per share (EPS) of $1.11 for the last quarter, falling short of the consensus estimate of $1.44.
• Despite the downgrade, Light & Wonder has received a consensus rating of "Moderate Buy" from analysts, with a price target of $107.00.

JPMorgan Chase & Co. cut shares of Light & Wonder (NASDAQ:LNW - Free Report) from an overweight rating to a neutral rating in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has $95.00 price target on the stock, down from their prior price target of $108.00.

Several other equities research analysts have also recently weighed in on LNW. Truist Financial increased their price objective on shares of Light & Wonder from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Stifel Nicolaus raised their price target on shares of Light & Wonder from $84.00 to $95.00 and gave the stock a "hold" rating in a report on Thursday, May 8th. Benchmark reduced their price objective on shares of Light & Wonder from $130.00 to $100.00 and set a "buy" rating for the company in a report on Monday, May 12th. Jefferies Financial Group set a $116.00 price objective on shares of Light & Wonder in a report on Wednesday, June 25th. Finally, Macquarie raised their price target on shares of Light & Wonder from $120.00 to $122.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. One equities 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 given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $108.10.

Light & Wonder Stock Performance

Shares of LNW stock traded up $3.32 on Thursday, reaching $82.18. The stock had a trading volume of 1,218,804 shares, compared to its average volume of 930,405. Light & Wonder has a 12 month low of $69.56 and a 12 month high of $115.00. The firm has a market capitalization of $6.90 billion, a price-to-earnings ratio of 20.81, a P/E/G ratio of 0.49 and a beta of 1.21. The firm's 50-day moving average is $92.60 and its two-hundred day moving average is $92.03. The company has a quick ratio of 1.51, a current ratio of 1.77 and a debt-to-equity ratio of 6.86.

Light & Wonder (NASDAQ:LNW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $851.29 million. During the same quarter in the previous year, the firm posted $0.90 EPS. The business's revenue for the quarter was down 1.1% compared to the same quarter last year. On average, research analysts expect that Light & Wonder will post 4.3 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Jamie Odell bought 8,275 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $78.81 per share, with a total value of $652,152.75. Following the acquisition, the director directly owned 8,275 shares in the company, valued at $652,152.75. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Light & Wonder

Hedge funds have recently modified their holdings of the company. Versant Capital Management Inc increased its stake in Light & Wonder by 4,783.3% in the first quarter. Versant Capital Management Inc now owns 293 shares of the company's stock valued at $25,000 after purchasing an additional 287 shares during the last quarter. IFP Advisors Inc increased its position in Light & Wonder by 198.9% during the 2nd quarter. IFP Advisors Inc now owns 269 shares of the company's stock worth $26,000 after purchasing an additional 179 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Light & Wonder by 118.5% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 437 shares of the company's stock worth $42,000 after purchasing an additional 237 shares during the period. AlphaQuest LLC grew its holdings in shares of Light & Wonder by 41.8% during the 2nd quarter. AlphaQuest LLC now owns 604 shares of the company's stock worth $58,000 after purchasing an additional 178 shares during the period. Finally, Farther Finance Advisors LLC raised its position in shares of 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 acquiring an additional 695 shares in the last quarter. Hedge funds and other institutional investors own 88.08% of the company's stock.

Light & Wonder Company 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.