Light & Wonder, Inc. (NASDAQ:LNW), a Nevada-based company specializing in computer-integrated systems design, announced on Monday that it has provided a Statement of CHESS Depositary Interests on Issue, known as Appendix 4A, to the Australian Securities Exchange (ASX). The disclosure, made in accordance with Regulation FD, was filed on November 8, 2024, and is part of the company's latest 8-K filing with the Securities and Exchange Commission (SEC).
The document, officially titled Appendix 4A, details the company's issued depositary interests as of the reporting date. The content of the Appendix 4A, along with the information contained in the 8-K filing, is considered furnished and not filed for purposes of the securities regulations, implying it is not subject to the same legal liabilities as filed documents. Moreover, the information is not incorporated by reference into any of Light & Wonder's filings under the Securities Act of 1933 or the Exchange Act.
Light & Wonder, previously known as Scientific Games (NASDAQ:LNW) Corp, Autotote Corp, and United Tote Inc, has undergone several name changes since its incorporation. The company's current principal executive office is located at 6601 Bermuda Road, Las Vegas, NV, with a business phone number of 702-897-7150.
The company's common stock is traded on the Nasdaq Stock Market under the symbol LNW with a par value of $0.001. This recent regulatory disclosure underscores Light & Wonder's commitment to transparency with its investors and compliance with international securities regulations.
In other recent news, Light & Wonder reported a 12% increase in Q2 consolidated revenue to $818 million, and operating income rose to $175 million. The company also initiated a $1 billion share repurchase program and set a target of $1.4 billion adjusted EBITDA by 2025. However, the company faced a legal setback with the Dragon Train franchise, leading Stifel and Susquehanna to revise their price targets to $100 and $90, respectively.
Despite this, B.Riley and Maxim (NASDAQ:MXIM) Group maintained a Buy rating on Light & Wonder, with B.Riley setting a price target of $120 and Maxim Group at $144. UBS also upgraded the company's rating from Neutral to Buy. Light & Wonder's commitment to regulatory compliance was demonstrated through a recent update to the Australian Securities Exchange concerning its CHESS Depositary Interests.
InvestingPro Insights
Light & Wonder's recent regulatory filing aligns with its strong financial performance and market position. According to InvestingPro data, the company boasts impressive gross profit margins of 70.46% for the last twelve months as of Q2 2024, reflecting its operational efficiency. This is complemented by a robust revenue growth of 12.75% over the same period, indicating the company's ability to expand its market presence.
InvestingPro Tips highlight that Light & Wonder has been profitable over the last twelve months, with analysts predicting continued profitability this year. This positive outlook is supported by the company's strong financial health, as its liquid assets exceed short-term obligations.
The stock has shown significant momentum, with a 26.11% year-to-date price total return as of the latest data. However, investors should note that the stock's price movements are quite volatile, and it's currently trading at a high Price/Book multiple of 11.56.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for Light & Wonder, providing a comprehensive view of the company's financial health and market position.
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