Light & Wonder, Inc. (NASDAQ:LNW) Sees Significant Increase in Short Interest

Light & Wonder, Inc. (NASDAQ:LNW - Get Free Report) was the recipient of a significant increase in short interest in May. As of May 15th, there was short interest totalling 4,600,000 shares, an increase of 34.9% from the April 30th total of 3,410,000 shares. Approximately 5.5% of the company's shares are short sold. Based on an average daily trading volume, of 1,020,000 shares, the days-to-cover ratio is presently 4.5 days.

Light & Wonder Price Performance

NASDAQ LNW traded down $0.54 on Thursday, hitting $86.07. 286,016 shares of the company were exchanged, compared to its average volume of 914,747. The firm has a 50 day moving average of $84.47 and a two-hundred day moving average of $91.22. The company has a market cap of $7.26 billion, a P/E ratio of 26.73, a P/E/G ratio of 0.35 and a beta of 1.30. The company has a current ratio of 1.88, a quick ratio of 1.61 and a debt-to-equity ratio of 4.49. 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 analysts' consensus estimates of $1.17 by ($0.23). The business had revenue of $774.00 million for the quarter, compared to analyst estimates of $802.93 million. Light & Wonder had a net margin of 9.30% and a return on equity of 49.91%. The business's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.88 earnings per share. On average, equities analysts predict that Light & Wonder will post 4.3 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Stifel Nicolaus upped their price target on Light & Wonder from $84.00 to $95.00 and gave the stock a "hold" rating in a research note on Thursday, May 8th. Truist Financial reduced their price target on Light & Wonder from $115.00 to $110.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Citigroup raised Light & Wonder from a "neutral" rating to a "buy" rating in a report on Wednesday, February 19th. Benchmark reduced their price target on Light & Wonder from $130.00 to $100.00 and set a "buy" rating for the company in a report on Monday, May 12th. 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 report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $106.82.

Insider Buying and Selling

In related news, CFO Oliver Chow sold 2,595 shares of Light & Wonder stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $104.94, for a total value of $272,319.30. Following the sale, the chief financial officer now directly owns 3,695 shares in the company, valued at $387,753.30. The trade was a 41.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Light & Wonder

Several hedge funds and other institutional investors have recently modified their holdings of LNW. Versant Capital Management Inc raised its holdings in shares of Light & Wonder by 4,783.3% in the 1st quarter. Versant Capital Management Inc now owns 293 shares of the company's stock valued at $25,000 after acquiring an additional 287 shares in the last quarter. R Squared Ltd purchased a new position in shares of Light & Wonder in the 4th quarter valued at approximately $35,000. Farther Finance Advisors LLC lifted its stake in shares of Light & Wonder by 3,861.1% in the 1st quarter. Farther Finance Advisors LLC now owns 713 shares of the company's stock valued at $63,000 after purchasing an additional 695 shares during the period. Blue Trust Inc. lifted its stake in shares of Light & Wonder by 194.3% in the 4th quarter. Blue Trust Inc. now owns 718 shares of the company's stock valued at $65,000 after purchasing an additional 474 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Light & Wonder in the 1st quarter valued at approximately $71,000. Institutional investors 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.