Lumen Technologies (NYSE:LUMN) Announces Earnings Results, Beats Estimates By $0.07 EPS

Lumen Technologies (NYSE:LUMN) announced its quarterly earnings results on Tuesday. The technology company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.07, Briefing.com reports. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.21 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The firm’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) EPS.

Lumen Technologies Stock Performance

NYSE:LUMN traded up $1.40 during mid-day trading on Wednesday, hitting $9.01. 44,072,898 shares of the stock were exchanged, compared to its average volume of 19,933,201. The firm’s 50-day simple moving average is $6.32 and its 200 day simple moving average is $3.60. The stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of -4.19 and a beta of 1.21. Lumen Technologies has a fifty-two week low of $0.97 and a fifty-two week high of $9.20. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01.

Wall Street Analyst Weigh In

Several analysts have commented on LUMN shares. The Goldman Sachs Group raised their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday. Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price objective for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. Bank of America upped their price target on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research report on Thursday, August 8th. TD Cowen decreased their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and upped their target price for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, Lumen Technologies has an average rating of “Hold” and an average price target of $4.02.

Insider Activity at Lumen Technologies

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. 1.68% of the stock is currently owned by corporate insiders.

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.