Victory Capital Management Inc. Lowers Holdings in Light & Wonder, Inc. (NASDAQ:LNW)

Victory Capital Management Inc. reduced its stake in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 8.1% in the 3rd quarter, Holdings Channel reports. The fund owned 17,622 shares of the company’s stock after selling 1,543 shares during the period. Victory Capital Management Inc.’s holdings in Light & Wonder were worth $1,599,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Light & Wonder by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 407 shares of the company’s stock worth $43,000 after acquiring an additional 152 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Light & Wonder by 2.2% in the 2nd quarter. QRG Capital Management Inc. now owns 10,046 shares of the company’s stock worth $1,054,000 after purchasing an additional 218 shares during the period. O Shaughnessy Asset Management LLC boosted its position in Light & Wonder by 5.9% during the first quarter. O Shaughnessy Asset Management LLC now owns 4,321 shares of the company’s stock worth $441,000 after purchasing an additional 242 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in Light & Wonder in the third quarter valued at approximately $29,000. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of Light & Wonder by 6.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 6,320 shares of the company’s stock valued at $685,000 after buying an additional 360 shares in the last quarter. 88.08% of the stock is owned by institutional investors and hedge funds.

Light & Wonder Trading Up 2.1 %

NASDAQ LNW opened at $98.45 on Tuesday. 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 firm has a market cap of $8.69 billion, a price-to-earnings ratio of 30.57, a PEG ratio of 0.58 and a beta of 1.75. The firm has a 50 day simple moving average of $96.28 and a 200-day simple moving average of $99.97. Light & Wonder, Inc. has a one year low of $76.52 and a one year high of $115.00.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LNW shares. UBS Group upgraded Light & Wonder from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 25th. Susquehanna decreased their target price on Light & Wonder from $92.00 to $90.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. JPMorgan Chase & Co. boosted 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. Macquarie lowered their price objective on Light & Wonder from $122.00 to $117.00 and set an “outperform” rating for the company in a research report on Wednesday, September 25th. Finally, Craig Hallum raised shares of Light & Wonder to a “strong-buy” rating in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Light & Wonder presently has an average rating of “Moderate Buy” and a consensus price target of $107.36.

About Light & Wonder

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.