Macquarie Lowers 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 target lowered by Macquarie from $122.00 to $117.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research firms have also recently commented on LNW. Benchmark decreased their target price 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. JPMorgan Chase & Co. cut shares of Light & Wonder from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $108.00 to $95.00 in a research report on Thursday. Jefferies Financial Group set a $116.00 target price on shares of Light & Wonder in a research report on Wednesday, June 25th. Mizuho increased their target price on shares of Light & Wonder from $80.00 to $84.00 and gave the company an "underperform" rating in a research report on Thursday, May 8th. Finally, Wall Street Zen cut shares of Light & Wonder from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. 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 issued a strong buy rating to the company. Based on data from MarketBeat, Light & Wonder currently has an average rating of "Moderate Buy" and a consensus target price of $108.10.

Light & Wonder Stock Up 1.3%

Shares of LNW stock traded up $0.99 during mid-day trading on Thursday, hitting $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 firm has a market capitalization 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. The firm's 50-day moving average is $92.60 and its two-hundred day moving average is $92.01. The company has a debt-to-equity ratio of 6.86, a current ratio of 1.77 and a quick ratio of 1.35.

Light & Wonder (NASDAQ:LNW - Get Free Report) last issued its earnings results 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 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 analysts' expectations of $851.29 million. During the same period in the prior year, the business earned $0.90 EPS. The business's revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts predict that Light & Wonder will post 4.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Intech Investment Management LLC lifted its position in Light & Wonder by 97.0% during the second 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 period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Light & Wonder by 2.7% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,680 shares of the company's stock valued at $2,087,000 after purchasing an additional 571 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Light & Wonder by 125.2% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 72,428 shares of the company's stock valued at $6,972,000 after purchasing an additional 40,263 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Light & Wonder by 118.5% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 437 shares of the company's stock valued at $42,000 after purchasing an additional 237 shares during the period. Finally, Savant Capital LLC lifted its position in Light & Wonder by 6.3% during the second quarter. Savant Capital LLC now owns 3,029 shares of the company's stock valued at $292,000 after purchasing an additional 180 shares during the period. 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.