Lumen Technologies (NYSE:LUMN) Stock Price Up 3.8% – Here’s Why

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

Analyst Ratings Changes

LUMN has been the subject of a number of research reports. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and increased their target price for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. Moffett Nathanson upped their target price on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. The Goldman Sachs Group upped their price objective on Lumen Technologies from $4.00 to $4.50 and gave the stock a “neutral” rating in a research report on Friday, October 4th. UBS Group increased their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, TD Cowen boosted their price target on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.09.

Lumen Technologies Stock Up 1.1 %

The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a fifty day simple moving average of $6.06 and a 200-day simple moving average of $3.07. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of -0.57 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS 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 the consensus estimate of $3.25 billion. During the same period in the previous year, the firm posted $0.10 EPS. The business’s quarterly revenue was down 10.7% on a year-over-year basis. As a group, sell-side analysts expect that Lumen Technologies, Inc. will post -0.18 EPS for the current year.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the purchase, the director now directly owns 384,056 shares of the company’s stock, valued at $1,805,063.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On Lumen Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. AlphaMark Advisors LLC increased its stake in Lumen Technologies by 1,458.9% during the 3rd quarter. AlphaMark Advisors LLC now owns 77,073 shares of the technology company’s stock worth $547,000 after acquiring an additional 72,129 shares during the period. Cornerstone Wealth Management LLC grew its holdings in shares of Lumen Technologies by 25.8% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 21,936 shares of the technology company’s stock worth $156,000 after purchasing an additional 4,500 shares in the last quarter. Stableford Capital II LLC bought a new position in shares of Lumen Technologies in the third quarter worth $71,000. Kapitalo Investimentos Ltda bought a new stake in Lumen Technologies during the third quarter worth about $318,000. Finally, Creative Planning grew its stake in Lumen Technologies by 8.2% during the third quarter. Creative Planning now owns 323,628 shares of the technology company’s stock worth $2,298,000 after buying an additional 24,565 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

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.