Light & Wonder, Inc. (NASDAQ:LNW) Sees Significant Drop in Short Interest

Light & Wonder, Inc. (NASDAQ:LNW) saw a significant drop in short interest in 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. Currently, 3.1% of the shares of the company are short sold. Based on an average daily volume of 809,700 shares, the days-to-cover ratio is presently 3.2 days.

Light & Wonder Trading Down 2.6 %

NASDAQ LNW traded down $2.09 on Monday, hitting $77.87. 590,876 shares of the stock were exchanged, compared to its average volume of 770,217. The company’s 50-day moving average price is $95.90 and its two-hundred day moving average price is $93.36. The company has a debt-to-equity ratio of 4.49, a current ratio of 1.88 and a quick ratio of 1.61. 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 $6.58 billion, a price-to-earnings ratio of 24.18, a P/E/G ratio of 0.35 and a beta of 1.38.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on LNW shares. Citigroup raised shares of Light & Wonder from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 19th. Macquarie increased their price target on Light & Wonder from $122.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Jefferies Financial Group lifted their price target on Light & Wonder from $120.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. JPMorgan Chase & Co. upped their price objective on Light & Wonder from $103.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, Benchmark lifted their target price on Light & Wonder from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $109.91.

Insider Buying and Selling at Light & Wonder

In other news, CEO Siobhan Lane sold 3,784 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $105.37, for a total value of $398,720.08. Following the completion of the transaction, the chief executive officer now owns 21,254 shares of the company’s stock, valued at approximately $2,239,533.98. This represents a 15.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP James Sottile sold 2,356 shares of Light & Wonder stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $105.54, for a total transaction of $248,652.24. Following the sale, the vice president now owns 77,331 shares in the company, valued at approximately $8,161,513.74. This represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,867 shares of company stock worth $1,037,884. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Light & Wonder

Hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc lifted its position in shares of Light & Wonder by 4,783.3% in the first quarter. Versant Capital Management Inc now owns 293 shares of the company’s stock worth $25,000 after purchasing an additional 287 shares in the last quarter. R Squared Ltd purchased a new stake in Light & Wonder in the 4th quarter worth approximately $35,000. Farther Finance Advisors LLC boosted its stake in shares of Light & Wonder by 3,861.1% during the 1st quarter. Farther Finance Advisors LLC now owns 713 shares of the company’s stock valued at $63,000 after buying an additional 695 shares during the period. Blue Trust Inc. grew its holdings in shares of Light & Wonder by 194.3% during the 4th quarter. Blue Trust Inc. now owns 718 shares of the company’s stock valued at $65,000 after acquiring an additional 474 shares in the last quarter. Finally, CX Institutional acquired a new position in shares of Light & Wonder in the first quarter worth $87,000. 88.08% of the stock is owned by hedge funds and other institutional investors.

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.