Light & Wonder (NASDAQ:LNW) Shares Up 8.4% Following Analyst Upgrade

Shares of Light & Wonder, Inc. (NASDAQ:LNW) traded up 8.4% during mid-day trading on Wednesday after Mizuho raised their price target on the stock from $76.00 to $80.00. Mizuho currently has an underperform rating on the stock. Light & Wonder traded as high as $110.28 and last traded at $110.20. 830,700 shares were traded during trading, an increase of 17% from the average session volume of 712,994 shares. The stock had previously closed at $101.63.

Several other brokerages also recently issued reports on LNW. Jefferies Financial Group upped their price target on shares of Light & Wonder from $120.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. JPMorgan Chase & Co. raised their price target on shares of Light & Wonder from $103.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday. Macquarie lifted their target price on shares of Light & Wonder from $122.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday. Stifel Nicolaus increased their target price on Light & Wonder from $90.00 to $104.00 and gave the stock a “hold” rating in a research report on Wednesday, February 19th. Finally, Citigroup upgraded shares of Light & Wonder from a “neutral” rating to a “buy” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Light & Wonder presently has a consensus rating of “Moderate Buy” and an average price target of $109.50.

Hedge Funds Weigh In On Light & Wonder

A number of large investors have recently bought and sold shares of LNW. Algert Global LLC raised its position in shares of Light & Wonder by 118.5% during the 3rd quarter. Algert Global LLC now owns 61,606 shares of the company’s stock worth $5,590,000 after purchasing an additional 33,410 shares during the period. Main Management ETF Advisors LLC bought a new position in Light & Wonder during the 3rd quarter worth $774,000. GSA Capital Partners LLP bought a new stake in Light & Wonder in the third quarter valued at $725,000. State Street Corp lifted its stake in Light & Wonder by 2.2% in the third quarter. State Street Corp now owns 2,651,627 shares of the company’s stock valued at $240,582,000 after buying an additional 56,890 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Light & Wonder by 108.6% during the third quarter. BNP Paribas Financial Markets now owns 12,434 shares of the company’s stock worth $1,128,000 after acquiring an additional 6,472 shares during the last quarter. Institutional investors own 88.08% of the company’s stock.

Light & Wonder Stock Performance

The firm has a market cap of $9.69 billion, a price-to-earnings ratio of 34.10, a PEG ratio of 0.35 and a beta of 1.72. The stock’s fifty day moving average is $90.10 and its two-hundred day moving average is $95.99. The company has a debt-to-equity ratio of 4.49, a quick ratio of 1.61 and a current ratio of 1.88.

About Light & Wonder

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.