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

LNW has been the subject of several other research reports. Truist Financial increased their price target on Light & Wonder from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Macquarie raised their target price on Light & Wonder from $120.00 to $122.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Mizuho raised their target price on Light & Wonder from $80.00 to $84.00 and gave the company an "underperform" rating in a research note on Thursday, May 8th. Wall Street Zen cut Light & Wonder from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Finally, Benchmark decreased their target price on Light & Wonder from $130.00 to $100.00 and set a "buy" rating for the company in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $108.10.

Light & Wonder Stock Performance

Shares of NASDAQ:LNW traded up $0.99 on Thursday, hitting $78.86. The company's stock had a trading volume of 3,362,011 shares, compared to its average volume of 844,787. Light & Wonder has a 12 month low of $69.56 and a 12 month high of $115.00. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 0.46 and a beta of 1.21. The stock's 50-day moving average is $92.60 and its two-hundred day moving average is $92.00. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.35 and a current ratio of 1.77.

Light & Wonder (NASDAQ:LNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.33). 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 the consensus estimate of $851.29 million. During the same period in the previous year, the company posted $0.90 EPS. The company's revenue for the quarter was down 1.1% compared to the same quarter last year. On average, equities research analysts forecast that Light & Wonder will post 4.3 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Burgundy Asset Management Ltd. lifted its stake in Light & Wonder by 6.9% in the 1st quarter. Burgundy Asset Management Ltd. now owns 1,574,589 shares of the company's stock worth $136,375,000 after acquiring an additional 102,051 shares in the last quarter. Bessemer Group Inc. lifted its stake in Light & Wonder by 321.7% in the 1st quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company's stock worth $136,152,000 after acquiring an additional 1,199,213 shares in the last quarter. Ninety One UK Ltd lifted its stake in Light & Wonder by 56.7% in the 1st quarter. Ninety One UK Ltd now owns 1,174,556 shares of the company's stock worth $101,728,000 after acquiring an additional 425,202 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Light & Wonder by 0.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 901,778 shares of the company's stock worth $78,104,000 after acquiring an additional 3,472 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in Light & Wonder by 15.6% in the 4th quarter. Deutsche Bank AG now owns 887,492 shares of the company's stock worth $76,662,000 after acquiring an additional 119,616 shares in the last quarter. 88.08% of the stock is currently owned by institutional investors and hedge funds.

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.