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

Light & Wonder, Inc. (NASDAQ:LNW) was the target of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 2,750,000 shares, a growth of 18.5% from the November 30th total of 2,320,000 shares. Based on an average trading volume of 723,000 shares, the days-to-cover ratio is presently 3.8 days. Approximately 3.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in LNW. Tidal Investments LLC boosted its holdings in Light & Wonder by 18.0% during the third quarter. Tidal Investments LLC now owns 8,038 shares of the company’s stock worth $729,000 after buying an additional 1,226 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Light & Wonder during the 3rd quarter worth about $222,000. Neo Ivy Capital Management acquired a new position in Light & Wonder during the third quarter worth approximately $104,000. Barclays PLC boosted its holdings in shares of Light & Wonder by 539.6% in the 3rd quarter. Barclays PLC now owns 155,852 shares of the company’s stock valued at $14,142,000 after purchasing an additional 131,486 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Light & Wonder by 2.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 35,960 shares of the company’s stock valued at $3,263,000 after buying an additional 804 shares during the period. 88.08% of the stock is currently owned by institutional investors and hedge funds.

Light & Wonder Price Performance

NASDAQ:LNW opened at $86.03 on Monday. The stock’s 50-day moving average price is $94.02 and its 200-day moving average price is $99.49. The stock has a market capitalization of $7.60 billion, a PE ratio of 26.72, a price-to-earnings-growth ratio of 0.55 and a beta of 1.71. Light & Wonder has a 52 week low of $76.52 and a 52 week high of $115.00. The company has a quick ratio of 1.61, a current ratio of 1.88 and a debt-to-equity ratio of 4.49.

Analysts Set New Price Targets

LNW has been the topic of several analyst reports. Stifel Nicolaus cut their target price on Light & Wonder from $108.00 to $100.00 and set a “hold” rating on the stock in a research note on Wednesday, September 25th. Truist Financial decreased their price target on Light & Wonder from $120.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Macquarie cut their target price on Light & Wonder from $122.00 to $117.00 and set an “outperform” rating on the stock in a report on Wednesday, September 25th. Craig Hallum upgraded Light & Wonder to a “strong-buy” rating in a report on Friday, October 4th. Finally, Susquehanna reduced their price objective on shares of Light & Wonder from $92.00 to $90.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.