Lumen Technologies (NYSE:LUMN) Trading 5% Higher – What’s Next?

Lumen Technologies, Inc. (NYSE:LUMN) was up 5% on Friday . The company traded as high as $6.64 and last traded at $6.49. Approximately 3,853,617 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 19,789,490 shares. The stock had previously closed at $6.18.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their target price for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. TD Cowen boosted their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. The Goldman Sachs Group raised their target price on shares of Lumen Technologies from $4.00 to $4.50 and gave the company a “neutral” rating in a research note on Friday, October 4th. Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. Finally, Moffett Nathanson raised their price objective on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Three equities 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, the stock presently has an average rating of “Hold” and a consensus target price of $4.09.

Lumen Technologies Stock Up 9.1 %

The business’s 50 day simple moving average is $6.10 and its 200 day simple moving average is $3.14. 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 firm has a market capitalization of $6.84 billion, a PE ratio of -0.62 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.25 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The company’s revenue was down 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.10 earnings per share. On average, equities research analysts forecast that Lumen Technologies, Inc. will post -0.18 earnings per share for the current year.

Insider Activity at Lumen Technologies

In other news, Director James Fowler acquired 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the transaction, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LUMN. Allspring Global Investments Holdings LLC purchased a new position in Lumen Technologies during the 3rd quarter valued at $46,000. GAMMA Investing LLC boosted its stake in shares of Lumen Technologies by 1,901.8% during the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after purchasing an additional 6,504 shares during the period. ORG Wealth Partners LLC bought a new position in shares of Lumen Technologies in the third quarter worth about $59,000. Stableford Capital II LLC purchased a new position in Lumen Technologies in the 3rd quarter worth about $71,000. Finally, Sound Income Strategies LLC lifted its holdings in Lumen Technologies by 2,688.2% during the 3rd quarter. Sound Income Strategies LLC now owns 10,372 shares of the technology company’s stock valued at $74,000 after buying an additional 10,000 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

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.