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

Light & Wonder, Inc. (NASDAQ:LNW)’s stock 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.

Analyst Upgrades and Downgrades

Several brokerages have commented on LNW. Macquarie lifted their target price on Light & Wonder from $122.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Jefferies Financial Group lifted their price objective on Light & Wonder from $120.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Stifel Nicolaus increased their target price on shares of Light & Wonder from $90.00 to $104.00 and gave the company a “hold” rating in a research report on Wednesday, February 19th. Mizuho raised their price target on shares of Light & Wonder from $76.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. upped their price objective 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. One 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $110.91.

Light & Wonder Stock Down 7.8 %

The firm has a market cap of $7.74 billion, a P/E ratio of 28.47, a price-to-earnings-growth ratio of 0.35 and a beta of 1.59. The stock’s 50 day simple moving average is $98.50 and its 200 day simple moving average is $95.95. The company has a debt-to-equity ratio of 4.49, a quick ratio of 1.61 and a current ratio of 1.88.

Insiders Place Their Bets

In other Light & Wonder news, CAO Vanja Kalabic sold 1,132 shares of Light & Wonder stock in a transaction dated 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 of the company’s stock, valued at $523,720.56. The trade was a 18.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP James Sottile sold 2,356 shares of the business’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 directly owns 77,331 shares of the company’s stock, valued at approximately $8,161,513.74. This trade represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,867 shares of company stock worth $1,037,884 over the last quarter. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Light & Wonder

Hedge funds and other institutional investors have recently made changes to their positions in the stock. True Wealth Design LLC purchased a new stake in shares of Light & Wonder during the 3rd quarter valued at about $28,000. R Squared Ltd purchased a new stake in shares of Light & Wonder in the fourth quarter worth $35,000. Quarry LP bought a new stake in Light & Wonder during the third quarter valued at about $51,000. Blue Trust Inc. lifted its holdings in 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 purchasing an additional 474 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Light & Wonder in the 3rd quarter valued at $104,000. 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.