Lumen Technologies, Inc. (NYSE:LUMN) Sees Significant Decline in Short Interest

Lumen Technologies, Inc. (NYSE:LUMN) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 61,160,000 shares, a decline of 25.8% from the September 15th total of 82,400,000 shares. Currently, 6.5% of the company’s stock are sold short. Based on an average daily trading volume, of 37,340,000 shares, the days-to-cover ratio is currently 1.6 days.

Lumen Technologies Price Performance

LUMN stock opened at $6.08 on Tuesday. Lumen Technologies has a 12-month low of $0.78 and a 12-month high of $7.83. The stock has a 50-day moving average price of $6.04 and a two-hundred day moving average price of $3.01. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. The company has a market cap of $6.17 billion, a PE ratio of -0.56 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN) last released its quarterly 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 business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same quarter last year, the firm posted $0.10 EPS. The company’s revenue was down 10.7% compared to the same quarter last year. As a group, research analysts predict that Lumen Technologies will post -0.18 EPS for the current year.

Insider Buying and Selling

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now directly owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.68% of the stock is owned by company insiders.

Institutional Trading of Lumen Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC grew its holdings in Lumen Technologies by 129.8% in the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after buying an additional 4,436,710 shares in the last quarter. Front Street Capital Management Inc. grew its holdings in Lumen Technologies by 30.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after buying an additional 2,697,423 shares in the last quarter. Vanguard Group Inc. grew its holdings in Lumen Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after buying an additional 1,975,400 shares in the last quarter. AQR Capital Management LLC grew its holdings in Lumen Technologies by 52.5% in the 2nd quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock worth $3,712,000 after buying an additional 1,246,289 shares in the last quarter. Finally, Squarepoint Ops LLC grew its holdings in Lumen Technologies by 364.0% in the 2nd quarter. Squarepoint Ops LLC now owns 766,281 shares of the technology company’s stock worth $843,000 after buying an additional 1,056,551 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LUMN. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. UBS Group raised their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company lowered Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their target price for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Moffett Nathanson increased their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Finally, Citigroup upgraded 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 company. According to data from MarketBeat.com, Lumen Technologies currently has an average rating of “Hold” and a consensus price target of $4.09.

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.