Bridgewater Associates LP Purchases New Shares in Light & Wonder, Inc. (NASDAQ:LNW)

Bridgewater Associates LP bought a new position in Light & Wonder, Inc. (NASDAQ:LNW) during the third quarter, HoldingsChannel.com reports. The fund bought 14,851 shares of the company’s stock, valued at approximately $1,347,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Performance Advisors LLP purchased a new stake in Light & Wonder in the third quarter worth $29,000. GAMMA Investing LLC increased its stake in Light & Wonder by 59.6% in the second quarter. GAMMA Investing LLC now owns 407 shares of the company’s stock worth $43,000 after purchasing an additional 152 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Light & Wonder in the third quarter worth $108,000. Smith Anglin Financial LLC purchased a new position in shares of Light & Wonder during the second quarter valued at $213,000. Finally, Centaurus Financial Inc. increased its stake in shares of Light & Wonder by 67.7% during the second quarter. Centaurus Financial Inc. now owns 3,167 shares of the company’s stock valued at $332,000 after buying an additional 1,279 shares during the period. Hedge funds and other institutional investors own 88.08% of the company’s stock.

Light & Wonder Price Performance

Shares of NASDAQ LNW opened at $95.04 on Monday. 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 company has a market cap of $8.39 billion, a PE ratio of 29.52, a P/E/G ratio of 0.57 and a beta of 1.75. The business has a 50-day simple moving average of $95.03 and a two-hundred day simple moving average of $100.04. Light & Wonder, Inc. has a fifty-two week low of $76.52 and a fifty-two week high of $115.00.

Light & Wonder announced that its Board of Directors has authorized a stock repurchase 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 shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on LNW shares. JPMorgan Chase & Co. raised their price target 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. Craig Hallum upgraded Light & Wonder to a “strong-buy” rating in a research note on Friday, October 4th. Macquarie cut 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, B. Riley initiated coverage on Light & Wonder in a research note on Tuesday, October 8th. They set a “buy” rating and a $120.00 price target on the stock. One 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company 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.