Light & Wonder (NASDAQ:LNW) Releases Earnings Results, Beats Expectations By $0.36 EPS

Light & Wonder (NASDAQ:LNW) released its earnings results on Wednesday. The company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.36, Zacks reports. The company had revenue of $841.00 million during the quarter, compared to analyst estimates of $866.97 million. Light & Wonder had a return on equity of 71.17% and a net margin of 10.89%.The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.71 earnings per share.

Light & Wonder Stock Performance

LNW traded up $6.15 on Thursday, hitting $79.58. 2,707,449 shares of the stock traded hands, compared to its average volume of 1,007,404. The company has a current ratio of 1.77, a quick ratio of 1.51 and a debt-to-equity ratio of 6.86. The business has a fifty day moving average price of $82.53 and a two-hundred day moving average price of $87.45. The firm has a market capitalization of $6.68 billion, a PE ratio of 20.10, a P/E/G ratio of 0.48 and a beta of 1.42. Light & Wonder has a 52 week low of $69.56 and a 52 week high of $113.94.

Insider Buying and Selling at Light & Wonder

In related news, Director Hamish Mclennan acquired 1,380 shares of the firm’s stock in a transaction on Tuesday, August 12th. The shares were bought at an average cost of $87.61 per share, with a total value of $120,901.80. Following the completion of the acquisition, the director owned 6,380 shares of the company’s stock, valued at $558,951.80. This trade represents a 27.60% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Antonia Korsanos acquired 8,065 shares of the firm’s stock in a transaction on Sunday, August 10th. The shares were bought at an average cost of $80.05 per share, for a total transaction of $645,603.25. Following the completion of the acquisition, the director directly owned 22,815 shares of the company’s stock, valued at approximately $1,826,340.75. This represents a 54.68% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 29,481 shares of company stock valued at $2,556,936. 2.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Light & Wonder

A number of institutional investors have recently added to or reduced their stakes in LNW. Headlands Technologies LLC acquired a new stake in Light & Wonder during the second quarter valued at approximately $38,000. State of Wyoming acquired a new position in shares of Light & Wonder in the 2nd quarter worth approximately $66,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Light & Wonder by 153.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,306 shares of the company’s stock worth $126,000 after acquiring an additional 790 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of Light & Wonder in the 2nd quarter worth approximately $202,000. Finally, Two Sigma Securities LLC acquired a new position in shares of Light & Wonder in the 2nd quarter worth approximately $275,000. 88.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LNW. Truist Financial increased their target price on Light & Wonder from $110.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. Macquarie reduced their target price on Light & Wonder from $122.00 to $117.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Benchmark cut their price objective on Light & Wonder from $100.00 to $90.00 and set a “buy” rating for the company in a report on Friday, August 8th. Zacks Research lowered Light & Wonder from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Light & Wonder in a report on Friday, October 31st. Five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Light & Wonder currently has an average rating of “Hold” and an average target price of $102.14.

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.