Algert Global LLC Acquires 33,410 Shares of Light & Wonder, Inc. (NASDAQ:LNW)

Algert Global LLC boosted its holdings in Light & Wonder, Inc. (NASDAQ:LNW) by 118.5% during the third quarter, HoldingsChannel.com reports. The fund owned 61,606 shares of the company’s stock after purchasing an additional 33,410 shares during the period. Algert Global LLC’s holdings in Light & Wonder were worth $5,590,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in LNW. GAMMA Investing LLC boosted its holdings in Light & Wonder by 59.6% during the second quarter. GAMMA Investing LLC now owns 407 shares of the company’s stock valued at $43,000 after purchasing an additional 152 shares in the last quarter. QRG Capital Management Inc. boosted its stake in Light & Wonder by 2.2% in the 2nd quarter. QRG Capital Management Inc. now owns 10,046 shares of the company’s stock valued at $1,054,000 after buying an additional 218 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in Light & Wonder by 5.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 4,321 shares of the company’s stock valued at $441,000 after acquiring an additional 242 shares during the period. Capital Performance Advisors LLP acquired a new position in Light & Wonder during the third quarter worth $29,000. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in shares of Light & Wonder by 6.0% during the second quarter. Mercer Global Advisors Inc. ADV now owns 6,320 shares of the company’s stock valued at $685,000 after acquiring an additional 360 shares during the period. Institutional investors and hedge funds own 88.08% of the company’s stock.

Light & Wonder Stock Performance

Shares of Light & Wonder stock opened at $96.42 on Monday. The firm has a fifty day moving average of $96.53 and a two-hundred day moving average of $99.92. The company has a debt-to-equity ratio of 4.49, a quick ratio of 1.61 and a current ratio of 1.88. The stock has a market capitalization of $8.51 billion, a price-to-earnings ratio of 29.94, a PEG ratio of 0.58 and a beta of 1.75. Light & Wonder, Inc. has a 52 week low of $76.52 and a 52 week high of $115.00.

Light & Wonder declared that its board has authorized a stock repurchase plan on Wednesday, August 7th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Stifel Nicolaus dropped their target price 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. Truist Financial cut their target price on shares of Light & Wonder from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft increased their price target on Light & Wonder from $76.00 to $81.00 and gave the stock a “hold” rating in a research report on Thursday, August 8th. B. Riley began coverage on Light & Wonder in a research report on Tuesday, October 8th. They issued a “buy” rating and a $120.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their target price on Light & Wonder from $107.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price 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.