Lumen Technologies (NYSE:LUMN) Stock Price Up 4.1%

Lumen Technologies, Inc. (NYSE:LUMN) shares traded up 4.1% during mid-day trading on Monday . The stock traded as high as $6.95 and last traded at $6.93. 4,131,497 shares were traded during mid-day trading, a decline of 80% from the average session volume of 20,597,424 shares. The stock had previously closed at $6.66.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LUMN. UBS Group boosted their price objective on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Bank of America raised their price target on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and raised their target price for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. Three 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, the company currently has a consensus rating of “Hold” and an average price target of $4.02.

Lumen Technologies Stock Up 9.3 %

The company has a fifty day moving average price of $4.52 and a 200 day moving average price of $2.44. The company has a market cap of $7.39 billion, a PE ratio of -0.65 and a beta of 1.18. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the previous year, the company earned $0.10 EPS. Lumen Technologies’s quarterly revenue was down 10.7% on a year-over-year basis. As a group, analysts anticipate that Lumen Technologies, Inc. will post -0.17 EPS for the current year.

Insiders Place Their Bets

In other news, Director James Fowler acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost of $4.70 per share, with a total value of $47,000.00. Following the acquisition, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

A number of large investors have recently added to or reduced their stakes in the business. Xponance Inc. increased its holdings in shares of Lumen Technologies by 4.0% in the second quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after buying an additional 2,487 shares during the period. Arizona State Retirement System grew its position in shares of Lumen Technologies by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 282,687 shares of the technology company’s stock worth $311,000 after buying an additional 5,418 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of Lumen Technologies by 0.9% during the second quarter. Texas Permanent School Fund Corp now owns 888,228 shares of the technology company’s stock valued at $977,000 after buying an additional 7,922 shares during the period. Sawgrass Asset Management LLC lifted its stake in Lumen Technologies by 68.5% in the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after acquiring an additional 9,263 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Lumen Technologies by 2.0% in 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. Hedge funds and other institutional investors own 66.19% of the company’s stock.

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.