Lumen Technologies (NYSE:LUMN) Shares Up 5.6% – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN) traded up 5.6% on Monday . The stock traded as high as $4.98 and last traded at $4.99. 3,385,719 shares were traded during mid-day trading, a decline of 71% from the average session volume of 11,849,454 shares. The stock had previously closed at $4.72.

Analyst Ratings Changes

Several equities analysts recently issued reports on LUMN shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $4.25 price objective on shares of Lumen Technologies in a report on Monday, February 10th. Citigroup upgraded shares of Lumen Technologies from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $8.00 to $6.50 in a research report on Wednesday, February 26th. The Goldman Sachs Group raised their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target on the stock in a research report on Friday, February 21st. Finally, TD Cowen cut their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $4.59.

Lumen Technologies Trading Up 1.7 %

The business’s fifty day moving average price is $5.19 and its 200 day moving average price is $6.16. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The firm has a market capitalization of $4.87 billion, a PE ratio of -95.98 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, February 4th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. As a group, analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Legacy Investment Solutions LLC purchased a new stake in Lumen Technologies in the 3rd quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Lumen Technologies during the 3rd quarter worth about $36,000. Smartleaf Asset Management LLC boosted its position in shares of Lumen Technologies by 173.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company’s stock worth $36,000 after acquiring an additional 4,277 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Lumen Technologies by 3,825.7% in the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company’s stock valued at $39,000 after purchasing an additional 7,307 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in Lumen Technologies during the third quarter worth approximately $46,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

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.