Lumen Technologies (NYSE:LUMN) Trading 6.8% Higher

Lumen Technologies, Inc. (NYSE:LUMN)’s share price traded up 6.8% during trading on Friday . The stock traded as high as $6.74 and last traded at $6.45. 13,321,219 shares traded hands during trading, a decline of 34% from the average session volume of 20,273,059 shares. The stock had previously closed at $6.04.

Analyst Ratings Changes

Several equities analysts have commented on the stock. The Goldman Sachs Group raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and raised their target price for the company from $1.00 to $4.00 in a research note on Wednesday, August 7th. Bank of America raised their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Moffett Nathanson raised their price objective on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Finally, TD Cowen raised their price objective on shares of Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, Lumen Technologies currently has a consensus rating of “Hold” and an average price target of $3.74.

Lumen Technologies Stock Performance

The firm’s fifty day simple moving average is $2.65 and its 200 day simple moving average is $1.85. The company has a market capitalization of $6.32 billion, a price-to-earnings ratio of -0.57 and a beta of 1.14. The company has a debt-to-equity ratio of 36.89, a current ratio of 1.03 and a quick ratio of 1.03.

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 positive return on equity of 4.06% and a negative net margin of 76.21%. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same quarter in the previous year, the business earned $0.10 earnings per share. The business’s quarterly revenue was down 10.7% compared to the same quarter last year. On average, sell-side analysts forecast that Lumen Technologies, Inc. will post -0.23 EPS for the current year.

Institutional Trading of Lumen Technologies

A number of hedge funds have recently made changes to their positions in the stock. Algert Global LLC bought a new position in Lumen Technologies during the second quarter valued at approximately $112,000. Mackenzie Financial Corp raised its position in Lumen Technologies by 267.4% during the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock valued at $260,000 after acquiring an additional 172,040 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Lumen Technologies by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 509,861 shares of the technology company’s stock valued at $561,000 after acquiring an additional 9,922 shares in the last quarter. Millennium Management LLC raised its position in Lumen Technologies by 129.8% during the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after acquiring an additional 4,436,710 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Lumen Technologies by 52.5% during the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock valued at $3,712,000 after acquiring an additional 1,246,289 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.