Axxcess Wealth Management LLC Takes Position in Light & Wonder, Inc. (NASDAQ:LNW)

Axxcess Wealth Management LLC purchased a new stake 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 purchased 9,910 shares of the company’s stock, valued at approximately $899,000.

Several other institutional investors have also recently made changes to their positions in LNW. Burgundy Asset Management Ltd. grew its stake in Light & Wonder by 1.2% in the first quarter. Burgundy Asset Management Ltd. now owns 1,315,572 shares of the company’s stock valued at $134,307,000 after purchasing an additional 15,902 shares during the last quarter. Ninety One UK Ltd grew its stake in Light & Wonder by 128.0% in the second quarter. Ninety One UK Ltd now owns 910,298 shares of the company’s stock valued at $95,472,000 after purchasing an additional 511,081 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Light & Wonder by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 802,922 shares of the company’s stock valued at $84,215,000 after purchasing an additional 12,317 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Light & Wonder by 102.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 767,155 shares of the company’s stock valued at $78,320,000 after purchasing an additional 388,781 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Light & Wonder by 573.3% in the second quarter. Millennium Management LLC now owns 579,340 shares of the company’s stock valued at $60,761,000 after purchasing an additional 493,295 shares during the last quarter. Hedge funds and other institutional investors own 88.08% of the company’s stock.

Light & Wonder Stock Down 1.0 %

Shares of LNW opened at $102.50 on Wednesday. The company has a debt-to-equity ratio of 4.90, a quick ratio of 1.58 and a current ratio of 1.85. Light & Wonder, Inc. has a one year low of $76.52 and a one year high of $115.00. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of 30.87, a PEG ratio of 0.44 and a beta of 1.75. The stock has a 50 day moving average price of $98.90 and a 200 day moving average price of $99.91.

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

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. lifted their target price on Light & Wonder from $107.00 to $111.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Benchmark restated a “buy” rating and set a $114.00 price target on shares of Light & Wonder in a research note on Thursday, August 8th. Maxim Group assumed coverage on Light & Wonder in a research note on Monday, August 26th. They set a “buy” rating and a $144.00 price target on the stock. Macquarie dropped their price target on Light & Wonder from $122.00 to $117.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 25th. Finally, Susquehanna dropped their price target on Light & Wonder from $92.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average 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.