Light & Wonder (NASDAQ:LNW) Issues Earnings Results

Light & Wonder (NASDAQ:LNW) issued its quarterly earnings data on Tuesday. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18, reports. The firm had revenue of $817.00 million during the quarter, compared to the consensus estimate of $826.65 million. Light & Wonder had a return on equity of 49.91% and a net margin of 9.30%.

Light & Wonder Trading Up 0.9 %

LNW opened at $93.10 on Friday. Light & Wonder has a 1-year low of $76.52 and a 1-year high of $115.00. The company has a current ratio of 1.88, a quick ratio of 1.58 and a debt-to-equity ratio of 4.49. The company has a market cap of $8.22 billion, a P/E ratio of 28.91, a PEG ratio of 0.39 and a beta of 1.75. The company’s 50 day moving average is $98.30 and its 200-day moving average is $99.81.

Wall Street Analysts Forecast Growth

LNW has been the topic of several recent analyst reports. Truist Financial cut their price objective on shares of Light & Wonder from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Benchmark restated a “buy” rating and issued a $114.00 target price on shares of Light & Wonder in a research note on Thursday, August 8th. Maxim Group started coverage on Light & Wonder in a research report on Monday, August 26th. They issued a “buy” rating and a $144.00 target price on the stock. Susquehanna reduced their target price on Light & Wonder from $92.00 to $90.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Finally, Stifel Nicolaus reduced their price objective on Light & Wonder from $108.00 to $100.00 and set a “hold” rating for the company in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $107.36.

Institutional Investors Weigh In On Light & Wonder

Institutional investors have recently modified their holdings of the company. True Wealth Design LLC purchased a new stake in Light & Wonder in the 3rd quarter valued at $28,000. Capital Performance Advisors LLP bought a new position in shares of Light & Wonder during the third quarter valued at about $29,000. GAMMA Investing LLC boosted its holdings in Light & Wonder by 59.6% during the second quarter. GAMMA Investing LLC now owns 407 shares of the company’s stock worth $43,000 after purchasing an additional 152 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Light & Wonder in the 3rd quarter worth about $108,000. Finally, Smith Anglin Financial LLC bought a new stake in Light & Wonder in the 2nd quarter worth about $213,000. 88.08% of the stock is owned by institutional investors.

Light & Wonder announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 7th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Light & Wonder Company Profile

Light & Wonder, Inc operates as a cross-platform games company in the United States and internationally. The company operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video gaming terminals; video lottery terminals, including conversion kits and spare parts; and table products, including automatic card shufflers, deck checkers, table roulette chip sorters and other land-based table gaming equipment.