Light & Wonder (NASDAQ:LNW) Announces Quarterly Earnings Results, Beats Estimates By $0.36 EPS

Light & Wonder (NASDAQ:LNW) announced its quarterly 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 the consensus estimate of $866.97 million. Light & Wonder had a return on equity of 71.17% and a net margin of 10.89%.Light & Wonder’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 earnings per share.

Light & Wonder Price Performance

Shares of NASDAQ:LNW traded up $0.21 during trading on Friday, reaching $79.91. The stock had a trading volume of 2,068,200 shares, compared to its average volume of 1,015,480. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.51 and a current ratio of 1.77. Light & Wonder has a 1-year low of $69.56 and a 1-year high of $113.94. The stock has a market cap of $6.71 billion, a PE ratio of 20.18, a PEG ratio of 0.48 and a beta of 1.42. The business has a fifty day moving average price of $82.29 and a 200-day moving average price of $87.40.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Light & Wonder from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $108.00 to $95.00 in a research note on Thursday, August 7th. Stifel Nicolaus decreased their price objective on shares of Light & Wonder from $95.00 to $83.00 and set a “hold” rating for the company in a research report on Tuesday, October 28th. Wall Street Zen cut Light & Wonder from a “buy” rating to a “hold” rating in a research report on Sunday, July 13th. Zacks Research lowered Light & Wonder from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Finally, Truist Financial increased their price target on Light & Wonder from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Light & Wonder has an average rating of “Hold” and a consensus price target of $102.14.

Insider Buying and Selling at Light & Wonder

In other Light & Wonder news, Director Hamish Mclennan bought 1,380 shares of the stock in a transaction on Tuesday, August 12th. The shares were bought at an average price of $87.61 per share, with a total value of $120,901.80. Following the purchase, the director directly owned 6,380 shares in the company, valued at $558,951.80. This trade represents a 27.60% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Antonia Korsanos bought 8,065 shares of the company’s stock in a transaction dated Sunday, August 10th. The shares were acquired at an average cost of $80.05 per share, with a total value of $645,603.25. Following 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 ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 29,481 shares of company stock worth $2,556,936. Corporate insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC purchased a new stake in shares of Light & Wonder in the second quarter valued at approximately $38,000. State of Wyoming purchased a new position in shares of Light & Wonder during the 2nd quarter worth $66,000. EverSource Wealth Advisors LLC raised its holdings in shares of Light & Wonder by 153.1% during 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 during the period. Tidal Investments LLC acquired a new position in shares of Light & Wonder during the 2nd quarter valued at about $202,000. Finally, Two Sigma Securities LLC purchased a new stake in shares of Light & Wonder in the second quarter valued at about $275,000. 88.08% of the stock is owned by hedge funds and other institutional investors.

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.