Benchmark Issues Pessimistic Forecast for Light & Wonder (NASDAQ:LNW) Stock Price

Key Points

• Benchmark analysts have reduced the price target for Light & Wonder from $100.00 to $90.00 while maintaining a "buy" rating, indicating a potential upside of 14.72% from the current price.
• Despite the downgrade from Benchmark, other firms like Mizuho and Truist Financial have issued mixed ratings, with Mizuho setting an "underperform" rating and Truist a "buy" rating, showing varied analyst sentiment.
• Light & Wonder reported quarterly earnings of $1.11 per share, missing expectations, with a revenue of $809 million compared to analyst predictions of $851 million, marking a 1.1% decrease year-over-year.

Light & Wonder (NASDAQ:LNW - Get Free Report) had its target price dropped by research analysts at Benchmark from $100.00 to $90.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's price objective would indicate a potential upside of 14.13% from the stock's previous close.

A number of other analysts have also recently commented on LNW. JPMorgan Chase & Co. cut shares of Light & Wonder from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $108.00 to $95.00 in a research note on Thursday. Macquarie cut their target price on shares of Light & Wonder from $122.00 to $117.00 and set an "outperform" rating for the company in a research note on Thursday. Wall Street Zen cut shares of Light & Wonder from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Jefferies Financial Group set a $116.00 target price on shares of Light & Wonder in a research note on Wednesday, June 25th. Finally, Truist Financial boosted their target price on shares of Light & Wonder from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $108.10.

Light & Wonder Stock Performance

LNW traded up $0.99 on Friday, reaching $78.86. The 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 current ratio of 1.77, a quick ratio of 1.35 and a debt-to-equity ratio of 6.86. The business's 50-day moving average price is $92.60 and its two-hundred day moving average price is $92.01. The company has a market cap of $6.62 billion, a P/E ratio of 19.91, a price-to-earnings-growth ratio of 0.47 and a beta of 1.21.

Light & Wonder (NASDAQ:LNW - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.11 earnings per share for the quarter, missing analysts' consensus estimates of $1.44 by ($0.33). 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 analysts' expectations of $851.29 million. During the same period in the previous year, the firm posted $0.90 EPS. The firm's quarterly revenue was down 1.1% on a year-over-year basis. Sell-side analysts forecast that Light & Wonder will post 4.3 earnings per share for the current year.

Hedge Funds Weigh In On Light & Wonder

Several institutional investors and hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC boosted its holdings in Light & Wonder by 97.0% in the 2nd quarter. Intech Investment Management LLC now owns 13,006 shares of the company's stock valued at $1,252,000 after purchasing an additional 6,403 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Light & Wonder by 2.7% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,680 shares of the company's stock worth $2,087,000 after acquiring an additional 571 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Light & Wonder by 125.2% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 72,428 shares of the company's stock worth $6,972,000 after acquiring an additional 40,263 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Light & Wonder by 118.5% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 437 shares of the company's stock worth $42,000 after acquiring an additional 237 shares during the last quarter. Finally, Savant Capital LLC lifted its holdings in shares of Light & Wonder by 6.3% in the 2nd quarter. Savant Capital LLC now owns 3,029 shares of the company's stock worth $292,000 after acquiring an additional 180 shares during the last quarter. 88.08% of the stock is currently owned by institutional investors and hedge funds.

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.