Lumen Technologies Sees Unusually Large Options Volume (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN) was the recipient of unusually large options trading activity on Tuesday. Traders bought 76,979 put options on the stock. This represents an increase of approximately 49% compared to the average daily volume of 51,559 put options.

Insiders Place Their Bets

In other news, Director James Fowler bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 $1,805,063.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumen Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Xponance Inc. lifted its position in shares of Lumen Technologies by 4.0% in the 2nd quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after acquiring an additional 2,487 shares during the period. Arizona State Retirement System raised its stake 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 valued at $311,000 after buying an additional 5,418 shares in the last quarter. Texas Permanent School Fund Corp lifted its holdings in shares of Lumen Technologies by 0.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 888,228 shares of the technology company’s stock worth $977,000 after acquiring an additional 7,922 shares during the period. Sawgrass Asset Management LLC boosted its position in shares of Lumen Technologies by 68.5% during the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after acquiring an additional 9,263 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position 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 worth $561,000 after purchasing an additional 9,922 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Up 1.0 %

NYSE:LUMN traded up $0.07 during trading hours on Tuesday, reaching $7.35. The company’s stock had a trading volume of 11,672,069 shares, compared to its average volume of 20,628,965. Lumen Technologies has a one year low of $0.78 and a one year high of $7.83. The business’s 50-day moving average is $4.64 and its 200-day moving average is $2.48. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $7.46 billion, a price-to-earnings ratio of -0.67 and a beta of 1.18.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The firm 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%. Lumen Technologies’s quarterly revenue was down 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.10 earnings per share. Equities research analysts predict that Lumen Technologies will post -0.17 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on LUMN shares. The Goldman Sachs Group upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and upped their price target for the company from $1.00 to $4.00 in a research report on Wednesday, August 7th. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their price target for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. UBS Group upped their target price on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price target for the stock from $1.75 to $4.00 in a report on Friday, August 16th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $4.02.

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.