Investors Purchase High Volume of Call Options on Lumen Technologies (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN) was the recipient of unusually large options trading on Wednesday. Stock investors bought 77,816 call options on the company. This represents an increase of approximately 341% compared to the average volume of 17,655 call options.

Lumen Technologies Stock Down 9.9 %

NYSE LUMN opened at $4.38 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. Lumen Technologies has a 52 week low of $0.97 and a 52 week high of $10.33. The business’s fifty day simple moving average is $4.98 and its 200-day simple moving average is $6.07. The firm has a market cap of $4.44 billion, a PE ratio of -87.58 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. As a group, equities analysts anticipate that Lumen Technologies will post -0.87 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on LUMN shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 price target on shares of Lumen Technologies in a report on Monday, February 10th. Citigroup upgraded Lumen Technologies from a “neutral” rating to a “buy” rating and decreased their target price for the company from $8.00 to $6.50 in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company upgraded Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price objective for the company in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Lumen Technologies has an average rating of “Hold” and an average target price of $4.59.

Hedge Funds Weigh In On Lumen Technologies

Large investors have recently modified their holdings of the business. Norges Bank purchased a new stake in Lumen Technologies in the 4th quarter valued at about $63,638,000. Hennessy Advisors Inc. acquired a new position in shares of Lumen Technologies in the 4th quarter worth approximately $45,089,000. Dimensional Fund Advisors LP boosted its position in shares of Lumen Technologies by 368.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company’s stock worth $52,111,000 after purchasing an additional 7,717,596 shares during the period. Renaissance Technologies LLC increased its holdings in Lumen Technologies by 76.3% in the 4th quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company’s stock valued at $61,936,000 after purchasing an additional 5,049,709 shares during the last quarter. Finally, Millennium Management LLC raised its position in Lumen Technologies by 474.8% in the fourth quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company’s stock valued at $30,503,000 after purchasing an additional 4,745,040 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

About Lumen Technologies

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.