Light & Wonder, Inc. (NASDAQ:LNW) Sees Large Decrease in Short Interest

Light & Wonder, Inc. (NASDAQ:LNW) was the recipient of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 2,600,000 shares, a drop of 17.7% from the March 15th total of 3,160,000 shares. Based on an average daily volume of 809,700 shares, the days-to-cover ratio is currently 3.2 days. Approximately 3.1% of the shares of the stock are sold short.

Light & Wonder Stock Up 2.0 %

Shares of Light & Wonder stock opened at $79.96 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.88 and a debt-to-equity ratio of 4.49. Light & Wonder has a 52-week low of $75.46 and a 52-week high of $115.00. The company has a market capitalization of $6.75 billion, a P/E ratio of 24.83, a P/E/G ratio of 0.35 and a beta of 1.38. The company has a 50 day moving average of $95.90 and a 200 day moving average of $93.33.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on LNW shares. Mizuho upped their price target on Light & Wonder from $76.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, February 26th. Stifel Nicolaus dropped their price target on shares of Light & Wonder from $104.00 to $93.00 and set a “hold” rating for the company in a research report on Thursday, April 3rd. Citigroup raised shares of Light & Wonder from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 19th. Benchmark lifted 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, Jefferies Financial Group upped their price target on Light & Wonder from $120.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $109.91.

Insider Activity at Light & Wonder

In other Light & Wonder news, CAO Vanja Kalabic sold 1,132 shares of Light & Wonder stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $104.41, for a total transaction of $118,192.12. Following the transaction, the chief accounting officer now directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Siobhan Lane sold 3,784 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $105.37, for a total transaction of $398,720.08. Following the completion of the transaction, the chief executive officer now owns 21,254 shares in the company, valued at $2,239,533.98. The trade was a 15.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,867 shares of company stock valued at $1,037,884. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Light & Wonder

Institutional investors and hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Light & Wonder by 2.5% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 4,485 shares of the company’s stock worth $387,000 after buying an additional 108 shares during the last quarter. Centaurus Financial Inc. raised its holdings in Light & Wonder by 3.3% during the fourth quarter. Centaurus Financial Inc. now owns 3,350 shares of the company’s stock worth $289,000 after purchasing an additional 108 shares in the last quarter. Xponance Inc. lifted its position in shares of Light & Wonder by 0.7% during the 4th quarter. Xponance Inc. now owns 17,769 shares of the company’s stock worth $1,535,000 after buying an additional 120 shares during the last quarter. Simon Quick Advisors LLC grew its position in shares of Light & Wonder by 2.9% in the 1st quarter. Simon Quick Advisors LLC now owns 4,752 shares of the company’s stock valued at $412,000 after buying an additional 136 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in Light & Wonder by 2.5% during the 4th quarter. CIBC Asset Management Inc now owns 5,901 shares of the company’s stock worth $510,000 after acquiring an additional 146 shares in the last quarter. Institutional investors and hedge funds 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.