Benchmark Has Lowered Expectations for Light & Wonder (NASDAQ:LNW) Stock Price

Light & Wonder (NASDAQ:LNW - Get Free Report) had its target price dropped by equities researchers at Benchmark from $130.00 to $100.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's price objective would indicate a potential upside of 18.30% from the stock's previous close.

A number of other brokerages have also commented on LNW. Truist Financial dropped their price target on Light & Wonder from $115.00 to $110.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Mizuho increased their price target on Light & Wonder from $80.00 to $84.00 and gave the company an "underperform" rating in a research note on Thursday, May 8th. Jefferies Financial Group increased their price target on Light & Wonder from $120.00 to $121.00 and gave the company a "buy" rating in a research note on Wednesday, January 15th. Stifel Nicolaus increased their price target on Light & Wonder from $84.00 to $95.00 and gave the company a "hold" rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. increased their price target on Light & Wonder from $103.00 to $110.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $106.82.

Light & Wonder Stock Performance

LNW traded up $0.95 during midday trading on Monday, reaching $84.53. The company had a trading volume of 464,699 shares, compared to its average volume of 805,986. The company has a quick ratio of 1.61, a current ratio of 1.88 and a debt-to-equity ratio of 4.49. The business has a 50-day moving average of $88.73 and a two-hundred day moving average of $92.17. The company has a market cap of $7.13 billion, a P/E ratio of 26.25, a P/E/G ratio of 0.35 and a beta of 1.30. Light & Wonder has a 1 year low of $75.46 and a 1 year high of $115.00.

Light & Wonder (NASDAQ:LNW - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.23). Light & Wonder had a return on equity of 49.91% and a net margin of 9.30%. The business had revenue of $774.00 million for the quarter, compared to analysts' expectations of $802.93 million. During the same quarter in the prior year, the business posted $0.88 EPS. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, equities research analysts predict that Light & Wonder will post 4.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Light & Wonder

In other news, CAO Vanja Kalabic sold 1,132 shares of Light & Wonder stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $104.41, for a total transaction of $118,192.12. Following the completion of the sale, the chief accounting officer now owns 5,016 shares of the company's stock, valued at approximately $523,720.56. The trade was a 18.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP James Sottile sold 2,356 shares of Light & Wonder stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $105.54, for a total transaction of $248,652.24. Following the sale, the vice president now directly owns 77,331 shares of the company's stock, valued at $8,161,513.74. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,867 shares of company stock worth $1,037,884 over the last 90 days. Company insiders own 2.20% of the company's stock.

Institutional Trading of Light & Wonder

Institutional investors and hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. raised its stake in Light & Wonder by 321.7% in the first 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 in the last quarter. Norges Bank bought a new position in Light & Wonder in the fourth quarter worth approximately $91,683,000. Park West Asset Management LLC bought a new position in Light & Wonder in the fourth quarter worth approximately $46,241,000. Ninety One UK Ltd raised its stake in Light & Wonder by 56.7% in the first 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 in the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in Light & Wonder in the first quarter worth approximately $32,843,000. Institutional investors own 88.08% of the company's stock.

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.