Lumen Technologies (NYSE:LUMN) Shares Up 3.8% – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN) was up 3.8% on Tuesday . The company traded as high as $6.42 and last traded at $6.31. Approximately 2,470,961 shares traded hands during trading, a decline of 88% from the average daily volume of 19,926,715 shares. The stock had previously closed at $6.08.

Analysts Set New Price Targets

Several brokerages recently weighed in on LUMN. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. TD Cowen upped their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. The Goldman Sachs Group upped their price objective on shares of Lumen Technologies from $4.00 to $4.50 and gave the stock a “neutral” rating in a research report on Friday, October 4th. Finally, Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their price objective for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $4.09.

Lumen Technologies Stock Performance

The company has a market cap of $6.42 billion, a PE ratio of -0.58 and a beta of 1.19. The business’s 50-day moving average is $6.04 and its 200 day moving average is $3.01. 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 results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.25 billion. During the same period last year, the business earned $0.10 earnings per share. The company’s revenue was down 10.7% on a year-over-year basis. On average, equities research analysts predict that Lumen Technologies, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity at Lumen Technologies

In other news, Director James Fowler bought 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Lumen Technologies

Several large investors have recently added to or reduced their stakes in the business. Xponance Inc. boosted its position in shares of Lumen Technologies by 4.0% during the second quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after acquiring an additional 2,487 shares during the last quarter. CWM LLC raised its stake in shares of Lumen Technologies by 49.6% in the third quarter. CWM LLC now owns 15,692 shares of the technology company’s stock valued at $111,000 after acquiring an additional 5,202 shares during the period. Arizona State Retirement System raised its stake in shares of Lumen Technologies by 2.0% in the second quarter. Arizona State Retirement System now owns 282,687 shares of the technology company’s stock valued at $311,000 after acquiring an additional 5,418 shares during the period. GAMMA Investing LLC grew its holdings in shares of Lumen Technologies by 1,901.8% in the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock worth $49,000 after purchasing an additional 6,504 shares during the last quarter. Finally, Texas Permanent School Fund Corp grew its holdings in shares of Lumen Technologies by 0.9% in the second quarter. Texas Permanent School Fund Corp now owns 888,228 shares of the technology company’s stock worth $977,000 after purchasing an additional 7,922 shares during the last quarter. 66.19% of the stock is currently owned by 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.