Lumen Technologies (NYSE:LUMN) Stock Price Up 4.5% – Here’s Why

Lumen Technologies, Inc. (NYSE:LUMN)’s share price rose 4.5% during trading on Wednesday . The company traded as high as $6.26 and last traded at $6.26. 1,973,735 shares changed hands during trading, a decline of 90% from the average daily volume of 19,202,723 shares. The stock had previously closed at $5.99.

Wall Street Analysts Forecast Growth

LUMN has been the subject of several research reports. TD Cowen dropped their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Citigroup increased their target price on shares of Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. Finally, The Goldman Sachs Group upped their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Lumen Technologies presently has an average rating of “Hold” and a consensus price target of $4.71.

Lumen Technologies Price Performance

The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The company’s fifty day moving average is $7.16 and its two-hundred day moving average is $4.93. The stock has a market cap of $6.30 billion, a price-to-earnings ratio of -2.86 and a beta of 1.21.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. During the same quarter in the prior year, the firm posted ($0.09) EPS. Lumen Technologies’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, research analysts predict that Lumen Technologies, Inc. will post -0.38 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LUMN. Crossmark Global Holdings Inc. purchased a new stake in shares of Lumen Technologies during the third quarter worth $433,000. Quantbot Technologies LP acquired a new stake in Lumen Technologies in the 3rd quarter valued at about $733,000. Congress Asset Management Co. purchased a new position in shares of Lumen Technologies in the 3rd quarter valued at about $2,592,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Lumen Technologies by 9.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company’s stock worth $23,184,000 after buying an additional 294,679 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Lumen Technologies by 267.4% in the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock valued at $260,000 after acquiring an additional 172,040 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

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.