Insider Trading January 21, 2026

Fine Capital Partners Offloads $3.67 Million in Light & Wonder Stock Amid Mixed Earnings Report

Sales span January 19-21, signaling partial exit after strong 24.5% price return year

By Ajmal Hussain
Fine Capital Partners Offloads $3.67 Million in Light & Wonder Stock Amid Mixed Earnings Report

Between January 19 and 21, 2026, Fine Capital Partners, together with affiliates Fine Capital Advisors and Debra Fine, sold Light & Wonder shares totaling approximately $3.67 million. Despite this sell-off, the firm maintains a substantial indirect holding exceeding 8 million shares. Light & Wonder recently reported mixed third-quarter 2025 earnings, with earnings per share surpassing expectations but revenue missing forecasts, a dynamic that may influence investor sentiment and analyst outlooks.

Key Points

  • Fine Capital Partners and affiliated parties sold Light & Wonder shares totaling roughly $3.67 million during January 19-21, 2026 at prices ranging from $115 to $121 per share.
  • The selling parties continue to hold an indirect ownership of over 8.1 million Light & Wonder shares, indicating a significant ongoing investment.
  • Light & Wonder reported a strong earnings per share of $1.81 in Q3 2025, beating analyst expectations by over 30%, but its revenue of $841 million missed estimates by nearly 3%.
  • The company has delivered robust stock performance over the past year with a 24.5% price return and maintains high gross profit margins exceeding 70%, reflecting solid market standing and operational efficiency.

Fine Capital Partners, L.P., in partnership with Fine Capital Advisors, LLC, and individual Debra Fine, executed a series of sales of Light & Wonder, Inc. (NASDAQ:LNWO) shares valued at $3,671,928 in aggregate during the period from January 19 to January 21, 2026.

The transactions reflected multiple trades with prices ranging from $115.0128 to $121.3502 per share. On January 19, the group sold 19,666 shares at an average price of $120.7514 each, along with a smaller batch of 63 shares at $121.3502. The following day, January 20, saw 9,260 shares sold at an average price of $120.4586, supplemented by 39 shares traded at $121.1655. Finally, on January 21, 1,473 shares changed hands at the lower average price of $115.0128.

Despite these disposals, Fine Capital Partners, L.P. retains a significant indirect stake of 8,166,686 shares in Light & Wonder, indicating an ongoing substantial investment position.

In parallel to these share sales, Light & Wonder disclosed its financial outcomes for the third quarter of 2025. The firm posted earnings per share (EPS) of $1.81, outperforming analyst estimates of $1.39 by a margin of 30.22%, signifying a robust profit performance. However, reported revenue of $841 million fell short of the expected $866.79 million by 2.98%, marking a revenue shortfall despite earnings strength.

This combination of earnings beat but revenue miss introduces mixed signals to market participants who closely monitor financial health indicators. While the EPS surplus bolsters perceptions of profitability, the undershooting of revenue expectations could prompt questions about the company’s top-line growth trajectory. These developments are likely to factor into evaluations by investors and analysts, potentially influencing future financial modeling and recommendations.

Light & Wonder has enjoyed notable market momentum, registering a 24.5% price appreciation over the past year. Additionally, the company boasts a high gross profit margin of 72.7%, underscoring operational efficiency within its sector.

Risks

  • Revenue underperformance relative to analyst estimates may introduce uncertainty about Light & Wonder's future sales growth and market demand.
  • The mixed financial results, with EPS outperforming but revenue missing expectations, could lead to revised analyst outlooks and potentially affect investor confidence.
  • Sales by significant shareholders like Fine Capital Partners, despite retaining a large position, may suggest caution or portfolio adjustments impacting stock liquidity and price dynamics.

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