Macquarie Cuts Light & Wonder (NASDAQ:LNW) Price Target to $117.00

Key Points

• Macquarie has reduced its price target for Light & Wonder from $122.00 to $117.00, while maintaining an "outperform" rating, indicating a potential upside of 50.25% from its current price.
• Light & Wonder reported a missed earnings estimate for the last quarter, posting $1.11 EPS against a consensus of $1.44, and had revenue of $809 million compared to expectations of $851 million.
• Hedge funds and institutional investors own 88.08% of Light & Wonder’s stock, showing strong interest in the company despite recent downgrades from various analysts.

Light & Wonder (NASDAQ:LNW - Free Report) had its price objective trimmed by Macquarie from $122.00 to $117.00 in a report published on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Other analysts also recently issued reports about the stock. Mizuho increased their price target on shares of Light & Wonder from $80.00 to $84.00 and gave the stock an "underperform" rating in a report on Thursday, May 8th. Stifel Nicolaus boosted their price objective 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 research report on Monday, May 12th. Truist Financial lifted their target price on shares of Light & Wonder from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Wall Street Zen cut shares of Light & Wonder from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $108.10.

Light & Wonder Stock Performance

Shares of NASDAQ:LNW traded up $4.45 during trading on Thursday, hitting $83.31. 696,592 shares of the company traded hands, compared to its average volume of 926,228. Light & Wonder has a one year low of $69.56 and a one year high of $115.00. The company has a quick ratio of 1.51, a current ratio of 1.77 and a debt-to-equity ratio of 6.86. The business's fifty day moving average is $92.60 and its 200-day moving average is $92.03. The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 0.49 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 $1.58 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.14. Light & Wonder had a net margin of 10.89% and a return on equity of 71.17%. The company had revenue of $809.00 million for the quarter, compared to analyst estimates of $851.29 million. During the same period in the previous year, the business earned $0.90 EPS. Light & Wonder's revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities analysts predict that Light & Wonder will post 4.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Light & Wonder

Large investors have recently made changes to their positions in the company. American Century Companies Inc. increased its position in shares of Light & Wonder by 2.4% during the fourth quarter. American Century Companies Inc. now owns 14,951 shares of the company's stock worth $1,291,000 after acquiring an additional 353 shares in the last quarter. LPL Financial LLC raised its holdings in Light & Wonder by 12.2% in the 4th quarter. LPL Financial LLC now owns 2,677 shares of the company's stock worth $231,000 after purchasing an additional 291 shares in the last quarter. Wellington Management Group LLP bought a new stake in Light & Wonder in the fourth quarter worth $3,365,000. Federated Hermes Inc. lifted its position in Light & Wonder by 10.6% during the fourth quarter. Federated Hermes Inc. now owns 35,311 shares of the company's stock valued at $3,050,000 after purchasing an additional 3,397 shares during the period. Finally, Bank of Montreal Can increased its stake in shares of Light & Wonder by 11.3% in the 4th quarter. Bank of Montreal Can now owns 10,818 shares of the company's stock worth $934,000 after purchasing an additional 1,099 shares in the last quarter. Institutional investors and hedge funds 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.