Lumen Technologies (NYSE:LUMN) Shares Up 10.5%

Lumen Technologies, Inc. (NYSE:LUMN) shares shot up 10.5% during trading on Thursday . The company traded as high as $1.18 and last traded at $1.16. Approximately 10,104,660 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 11,551,564 shares. The stock had previously closed at $1.05.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group assumed coverage on shares of Lumen Technologies in a research note on Monday, July 1st. They set a “sell” rating and a $1.00 target price for the company.

Lumen Technologies Price Performance

The firm’s fifty day simple moving average is $1.20 and its two-hundred day simple moving average is $1.41. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 36.89. The firm has a market cap of $1.18 billion, a PE ratio of -0.11 and a beta of 1.15.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, April 30th. The technology company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The business had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period last year, the company earned $0.10 EPS. The business’s revenue was down 12.0% on a year-over-year basis. As a group, research analysts expect that Lumen Technologies, Inc. will post -0.16 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson acquired 750,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were acquired at an average price of $1.28 per share, for a total transaction of $960,000.00. Following the completion of the transaction, the chief executive officer now directly owns 7,756,290 shares of the company’s stock, valued at approximately $9,928,051.20. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LUMN. Strategies Wealth Advisors LLC purchased a new stake in shares of Lumen Technologies during the fourth quarter valued at about $26,000. Brighton Jones LLC purchased a new position in Lumen Technologies in the fourth quarter worth $27,000. HighPoint Advisor Group LLC acquired a new position in shares of Lumen Technologies during the fourth quarter worth $27,000. Fidelis Capital Partners LLC boosted its holdings in Lumen Technologies by 94.6% in the first quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock worth $35,000 after acquiring an additional 10,764 shares in the last quarter. Finally, Guardian Capital LP grew its stake in shares of Lumen Technologies by 53.5% during the fourth quarter. Guardian Capital LP now owns 22,145 shares of the technology company’s stock worth $41,000 after acquiring an additional 7,717 shares during the last quarter. 66.19% of the stock is currently 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.