Light & Wonder (NASDAQ:LNW) Shares Gap Up – Here’s What Happened

Shares of Light & Wonder, Inc. (NASDAQ:LNW) gapped up prior to trading on Wednesday . The stock had previously closed at $87.87, but opened at $90.01. Light & Wonder shares last traded at $91.31, with a volume of 121,526 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Light & Wonder from $103.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Stifel Nicolaus increased their price objective on Light & Wonder from $90.00 to $104.00 and gave the stock a “hold” rating in a research report on Wednesday, February 19th. Benchmark boosted their target price on Light & Wonder from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Mizuho boosted their price objective on Light & Wonder from $76.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, February 26th. Finally, Jefferies Financial Group boosted their price target on shares of Light & Wonder from $120.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Light & Wonder currently has a consensus rating of “Moderate Buy” and an average target price of $110.91.

Light & Wonder Stock Up 3.6 %

The company’s 50 day simple moving average is $98.34 and its 200-day simple moving average is $95.32. The company has a current ratio of 1.88, a quick ratio of 1.61 and a debt-to-equity ratio of 4.49. The firm has a market cap of $7.69 billion, a P/E ratio of 28.28, a PEG ratio of 0.35 and a beta of 1.59.

Insider Activity at Light & Wonder

In related news, CAO Vanja Kalabic sold 1,132 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $104.41, for a total transaction of $118,192.12. Following the completion of the sale, the chief accounting officer now owns 5,016 shares in the company, valued at approximately $523,720.56. This represents a 18.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James Sottile sold 2,356 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $105.54, for a total transaction of $248,652.24. Following the completion of the transaction, the vice president now owns 77,331 shares in the company, valued at $8,161,513.74. This trade represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,867 shares of company stock worth $1,037,884 over the last quarter. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Light & Wonder in the fourth quarter worth about $596,000. Inceptionr LLC bought a new position in shares of Light & Wonder during the 4th quarter valued at approximately $261,000. AXQ Capital LP grew its holdings in shares of Light & Wonder by 94.6% in the fourth quarter. AXQ Capital LP now owns 7,198 shares of the company’s stock valued at $622,000 after purchasing an additional 3,500 shares in the last quarter. Teacher Retirement System of Texas raised its position in Light & Wonder by 29.2% during the fourth quarter. Teacher Retirement System of Texas now owns 23,903 shares of the company’s stock valued at $2,065,000 after purchasing an additional 5,397 shares during the period. Finally, Main Management ETF Advisors LLC bought a new stake in shares of Light & Wonder in the 3rd quarter valued at approximately $774,000. Hedge funds and other 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.