Light & Wonder (NASDAQ:LNW) Sets New 52-Week Low on Analyst Downgrade

Shares of Light & Wonder, Inc. (NASDAQ:LNW) hit a new 52-week low on Thursday after Stifel Nicolaus lowered their price target on the stock from $104.00 to $93.00. Stifel Nicolaus currently has a hold rating on the stock. Light & Wonder traded as low as $82.73 and last traded at $83.98, with a volume of 155461 shares. The stock had previously closed at $91.95.

Other analysts also recently issued reports about the stock. Benchmark increased their price objective on shares of Light & Wonder from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Mizuho upped their price objective on Light & Wonder from $76.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, February 26th. Citigroup raised Light & Wonder from a “neutral” rating to a “buy” rating in a report on Wednesday, February 19th. Macquarie boosted their target price on Light & Wonder from $122.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Light & Wonder from $103.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $109.91.

Insider Buying and Selling

In related news, CFO Oliver Chow sold 2,595 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $104.94, for a total transaction of $272,319.30. Following the completion of the transaction, the chief financial officer now directly owns 3,695 shares of the company’s stock, valued at approximately $387,753.30. This represents a 41.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP James Sottile sold 2,356 shares of Light & Wonder stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $105.54, for a total value of $248,652.24. Following the completion of the sale, the vice president now directly owns 77,331 shares in the company, valued at approximately $8,161,513.74. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,867 shares of company stock valued at $1,037,884. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Mitsubishi UFJ Trust & Banking Corp raised its position in Light & Wonder by 2.5% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 4,485 shares of the company’s stock valued at $387,000 after purchasing an additional 108 shares during the period. Centaurus Financial Inc. raised its holdings in Light & Wonder by 3.3% during the 4th quarter. Centaurus Financial Inc. now owns 3,350 shares of the company’s stock valued at $289,000 after buying an additional 108 shares during the period. Xponance Inc. boosted its stake in Light & Wonder by 0.7% during the fourth quarter. Xponance Inc. now owns 17,769 shares of the company’s stock worth $1,535,000 after buying an additional 120 shares during the period. CIBC Asset Management Inc lifted its holdings in shares of Light & Wonder by 2.5% in the 4th quarter. CIBC Asset Management Inc now owns 5,901 shares of the company’s stock worth $510,000 after acquiring an additional 146 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in Light & Wonder by 0.5% during the 4th quarter. New York State Common Retirement Fund now owns 40,250 shares of the company’s stock valued at $3,477,000 after acquiring an additional 200 shares during the period. Institutional investors own 88.08% of the company’s stock.

Light & Wonder Stock Performance

The firm has a market cap of $7.07 billion, a PE ratio of 25.99, a price-to-earnings-growth ratio of 0.35 and a beta of 1.59. The company has a quick ratio of 1.61, a current ratio of 1.88 and a debt-to-equity ratio of 4.49. The business has a 50 day simple moving average of $98.37 and a two-hundred day simple moving average of $95.30.

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.