Weiss Ratings Reiterates Hold (C+) Rating for Light & Wonder (NASDAQ:LNW)

Key Points

• Weiss Ratings has reiterated a "Hold (C+)" rating for Light & Wonder (NASDAQ:LNW), indicating a stable outlook for the company's stock.
• Various brokerages have recently downgraded Light & Wonder's stock, including JPMorgan Chase, which lowered its rating from "overweight" to "neutral" and cut the price target from $108 to $95.
• Despite a downturn in sentiment, Light & Wonder recently announced earnings of $1.58 per share, surpassing expectations, though revenue reported a 1.1% decline year-over-year.

Light & Wonder (NASDAQ:LNW - Get Free Report)'s stock had its "hold (c+)" rating restated by analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Several other brokerages have also recently commented on LNW. JPMorgan Chase & Co. cut shares of Light & Wonder from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $108.00 to $95.00 in a research note on Thursday, August 7th. Wall Street Zen cut shares of Light & Wonder from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. 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 report on Thursday, August 7th. Zacks Research cut shares of Light & Wonder from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Finally, Jefferies Financial Group set a $116.00 target price on shares of Light & Wonder in a research report on Wednesday, June 25th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $103.86.

Light & Wonder Trading Up 1.2%

Shares of Light & Wonder stock opened at $80.96 on Wednesday. The company has a market capitalization of $6.80 billion, a P/E ratio of 20.44, a PEG ratio of 0.49 and a beta of 1.45. The company's fifty day moving average is $88.03 and its two-hundred day moving average is $88.86. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.51 and a current ratio of 1.77. Light & Wonder has a 1 year low of $69.56 and a 1 year high of $113.94.

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, beating the consensus estimate of $1.44 by $0.14. The business had revenue of $809.00 million for the quarter, compared to the consensus estimate of $851.29 million. Light & Wonder had a net margin of 10.89% and a return on equity of 71.17%. The business's quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Analysts forecast that Light & Wonder will post 4.3 earnings per share for the current year.

Insider Buying and Selling at Light & Wonder

In other news, Director Timothy Throsby bought 20,000 shares of Light & Wonder stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $89.37 per share, with a total value of $1,787,400.00. Following the completion of the transaction, the director owned 42,082 shares in the company, valued at approximately $3,760,868.34. This trade represents a 90.57% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hamish Mclennan bought 1,380 shares of Light & Wonder stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average cost of $87.61 per share, for a total transaction of $120,901.80. Following the completion of the transaction, the director owned 6,380 shares of the company's stock, valued at approximately $558,951.80. This represents a 27.60% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 37,756 shares of company stock valued at $3,209,088 in the last ninety days. Corporate insiders own 2.20% of the company's stock.

Institutional Trading of Light & Wonder

Several institutional investors have recently added to or reduced their stakes in LNW. IFP Advisors Inc raised its holdings in Light & Wonder by 198.9% in the second quarter. IFP Advisors Inc now owns 269 shares of the company's stock valued at $26,000 after acquiring an additional 179 shares in the last quarter. Employees Retirement System of Texas acquired a new stake in shares of Light & Wonder during the second quarter worth $29,000. Headlands Technologies LLC acquired a new stake in shares of Light & Wonder during the second quarter worth $38,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Light & Wonder by 118.5% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 437 shares of the company's stock worth $42,000 after purchasing an additional 237 shares during the period. Finally, AlphaQuest LLC raised its holdings in shares of Light & Wonder by 41.8% during the second quarter. AlphaQuest LLC now owns 604 shares of the company's stock worth $58,000 after purchasing an additional 178 shares during the period. 88.08% of the stock is owned by institutional investors and hedge funds.

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.

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