Lumen Technologies (NYSE:LUMN) Shares Gap Down to $1.10

Lumen Technologies, Inc. (NYSE:LUMN) shares gapped down before the market opened on Monday . The stock had previously closed at $1.10, but opened at $1.05. Lumen Technologies shares last traded at $0.99, with a volume of 2,199,315 shares.

Wall Street Analyst Weigh In

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

Lumen Technologies Stock Down 7.7 %

The company has a debt-to-equity ratio of 36.89, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -0.09 and a beta of 1.15. The firm’s 50 day moving average price is $1.23 and its two-hundred day moving average price is $1.45.

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

Insider Activity at Lumen Technologies

In other news, CEO Kathleen E. Johnson acquired 750,000 shares of Lumen Technologies stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased 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 in the company, valued at $9,928,051.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Strategies Wealth Advisors LLC purchased a new position in shares of Lumen Technologies during the 4th quarter worth approximately $26,000. Brighton Jones LLC purchased a new position in shares of Lumen Technologies during the 4th quarter worth approximately $27,000. HighPoint Advisor Group LLC purchased a new position in shares of Lumen Technologies during the 4th quarter worth approximately $27,000. Belpointe Asset Management LLC increased its stake in shares of Lumen Technologies by 52.1% during the 3rd quarter. Belpointe Asset Management LLC now owns 24,527 shares of the technology company’s stock worth $35,000 after purchasing an additional 8,405 shares in the last quarter. Finally, Fidelis Capital Partners LLC increased its stake in shares of Lumen Technologies by 94.6% during the 1st quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock worth $35,000 after purchasing an additional 10,764 shares in the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

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.