Dynamic Technology Lab Private Ltd Buys New Position in Light & Wonder, Inc. (NASDAQ:LNW)

Dynamic Technology Lab Private Ltd acquired a new position in shares of Light & Wonder, Inc. (NASDAQ:LNW) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 22,689 shares of the company’s stock, valued at approximately $2,059,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC grew its stake in shares of Light & Wonder by 573.3% during the 2nd quarter. Millennium Management LLC now owns 579,340 shares of the company’s stock valued at $60,761,000 after buying an additional 493,295 shares during the period. SG Americas Securities LLC lifted its stake in shares of Light & Wonder by 121.6% in the 2nd quarter. SG Americas Securities LLC now owns 14,263 shares of the company’s stock valued at $1,496,000 after purchasing an additional 7,828 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Light & Wonder during the 2nd quarter worth about $23,597,000. Intech Investment Management LLC acquired a new stake in Light & Wonder during the 2nd quarter worth approximately $1,620,000. Finally, Comerica Bank raised its holdings in Light & Wonder by 85.1% in the first quarter. Comerica Bank now owns 47,874 shares of the company’s stock valued at $4,887,000 after buying an additional 22,017 shares during the period. 88.08% of the stock is owned by institutional investors and hedge funds.

Light & Wonder Stock Up 2.1 %

Shares of NASDAQ:LNW opened at $98.45 on Tuesday. Light & Wonder, Inc. has a 12-month low of $76.52 and a 12-month high of $115.00. The company has a current ratio of 1.88, a quick ratio of 1.61 and a debt-to-equity ratio of 4.49. The firm has a market cap of $8.69 billion, a PE ratio of 30.57, a price-to-earnings-growth ratio of 0.58 and a beta of 1.75. The company has a fifty day simple moving average of $96.28 and a 200 day simple moving average of $99.97.

Light & Wonder declared that its board has approved a share buyback program on Wednesday, August 7th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on LNW shares. Stifel Nicolaus dropped their price objective on shares of Light & Wonder from $108.00 to $100.00 and set a “hold” rating for the company in a research report on Wednesday, September 25th. Maxim Group began coverage on Light & Wonder in a research report on Monday, August 26th. They issued a “buy” rating and a $144.00 price objective on the stock. Truist Financial decreased their target price on Light & Wonder from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. UBS Group upgraded Light & Wonder from a “neutral” rating to a “buy” rating in a report on Wednesday, September 25th. Finally, B. Riley assumed coverage on Light & Wonder in a report on Tuesday, October 8th. They issued a “buy” rating and a $120.00 price target for the company. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Light & Wonder presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.36.

Light & Wonder Company Profile

Light & Wonder, Inc operates as a cross-platform games company in the United States and internationally. The company operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video gaming terminals; video lottery terminals, including conversion kits and spare parts; and table products, including automatic card shufflers, deck checkers, table roulette chip sorters and other land-based table gaming equipment.