Stock Traders Buy High Volume of Lumen Technologies Put Options (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN) was the recipient of some unusual options trading on Tuesday. Stock traders bought 76,979 put options on the company. This represents an increase of 49% compared to the typical daily volume of 51,559 put options.

Lumen Technologies Stock Down 0.5 %

LUMN stock opened at $7.16 on Thursday. Lumen Technologies has a fifty-two week low of $0.78 and a fifty-two week high of $7.83. The company’s 50 day moving average price is $4.87 and its 200 day moving average price is $2.55. The firm has a market capitalization of $7.28 billion, a price-to-earnings ratio of -0.65 and a beta of 1.18. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The company had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter in the prior year, the firm posted $0.10 EPS. The firm’s quarterly revenue was down 10.7% compared to the same quarter last year. On average, equities research analysts anticipate that Lumen Technologies will post -0.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on LUMN shares. Moffett Nathanson boosted their target price on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Bank of America boosted their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. Finally, Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price target for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.02.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, Director James Fowler purchased 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the acquisition, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 1.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lumen Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in LUMN. Palestra Capital Management LLC increased its holdings in shares of Lumen Technologies by 71.0% in the 4th quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock valued at $20,437,000 after purchasing an additional 4,637,585 shares in the last quarter. Millennium Management LLC raised its stake in Lumen Technologies by 129.8% during the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after purchasing an additional 4,436,710 shares during the period. Front Street Capital Management Inc. grew its stake in Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after buying an additional 2,697,423 shares during the period. Vanguard Group Inc. lifted its holdings in Lumen Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after buying an additional 1,975,400 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Lumen Technologies by 52.5% in the 2nd quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock valued at $3,712,000 after purchasing an additional 1,246,289 shares in the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Company Profile

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.