Lumen Technologies (NYSE:LUMN) Trading 7.7% Higher – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN) shares traded up 7.7% during mid-day trading on Tuesday . The company traded as high as $5.00 and last traded at $4.96. 6,643,124 shares were traded during mid-day trading, a decline of 45% from the average session volume of 11,981,886 shares. The stock had previously closed at $4.60.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $4.25 target price on shares of Lumen Technologies in a report on Monday, February 10th. The Goldman Sachs Group increased their target price on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Citigroup increased their target price on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a report on Friday, November 29th. Finally, TD Cowen reduced their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.66.

Lumen Technologies Trading Up 7.3 %

The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20. The firm has a market capitalization of $5.01 billion, a PE ratio of -98.68 and a beta of 1.28. The company has a fifty day moving average of $5.44 and a 200-day moving average of $6.19.

Lumen Technologies (NYSE:LUMN) last posted 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%. On average, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds have recently bought and sold shares of the business. Concord Wealth Partners increased its position in Lumen Technologies by 98.8% during the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after buying an additional 1,992 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Lumen Technologies in the third quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Lumen Technologies in the third quarter valued at about $36,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Lumen Technologies in the third quarter valued at about $46,000. Finally, Smartleaf Asset Management LLC grew 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 valued at $36,000 after purchasing an additional 4,277 shares during the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

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.