Light & Wonder (NASDAQ:LNW) Shares Gap Down – Here’s Why

Light & Wonder, Inc. (NASDAQ:LNW)’s share price gapped down before the market opened on Friday . The stock had previously closed at $99.36, but opened at $96.81. Light & Wonder shares last traded at $91.19, with a volume of 163,889 shares traded.

Wall Street Analysts Forecast Growth

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

Light & Wonder Stock Performance

The stock has a market cap of $7.53 billion, a PE ratio of 27.67, a price-to-earnings-growth ratio of 0.35 and a beta of 1.59. The stock has a fifty day moving average of $98.48 and a 200-day moving average of $95.76. The company has a quick ratio of 1.61, a current ratio of 1.88 and a debt-to-equity ratio of 4.49.

Insider Buying and Selling at Light & Wonder

In related news, VP James Sottile sold 2,356 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were 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 owns 77,331 shares in the company, valued at $8,161,513.74. This trade represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Vanja Kalabic sold 1,132 shares of Light & Wonder stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $104.41, for a total value of $118,192.12. Following the completion of the sale, the chief accounting officer now directly owns 5,016 shares in the company, valued at $523,720.56. This represents a 18.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,867 shares of company stock worth $1,037,884. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Light & Wonder

Several hedge funds have recently modified their holdings of the business. True Wealth Design LLC acquired a new stake in shares of Light & Wonder in the third quarter valued at about $28,000. R Squared Ltd acquired a new stake in shares of Light & Wonder during the 4th quarter valued at approximately $35,000. Quarry LP purchased a new stake in shares of Light & Wonder during the 3rd quarter worth approximately $51,000. Blue Trust Inc. grew its holdings in shares of Light & Wonder by 194.3% in the 4th quarter. Blue Trust Inc. now owns 718 shares of the company’s stock worth $65,000 after acquiring an additional 474 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in Light & Wonder in the 3rd quarter valued at approximately $104,000. 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.