Lumen Technologies (NYSE:LUMN) Shares Gap Up Following Earnings Beat

Lumen Technologies, Inc. (NYSE:LUMN) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.04, but opened at $5.49. Lumen Technologies shares last traded at $5.04, with a volume of 3,010,712 shares.

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 16.06% and a negative return on equity of 49.74%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on LUMN shares. TD Cowen reduced their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 target price (up previously from $4.00) on shares of Lumen Technologies in a research note on Friday, December 20th. The Goldman Sachs Group boosted their price target on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, Citigroup raised their price objective on Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, Lumen Technologies currently has a consensus rating of “Hold” and an average price target of $4.66.

Hedge Funds Weigh In On Lumen Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hennessy Advisors Inc. bought a new position in Lumen Technologies in the fourth quarter valued at approximately $45,089,000. Millennium Management LLC raised its stake in Lumen Technologies by 129.8% in the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after buying an additional 4,436,710 shares during the period. Victory Capital Management Inc. raised its stake in Lumen Technologies by 1,081.0% in the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock valued at $16,819,000 after acquiring an additional 2,168,325 shares during the period. Allianz Asset Management GmbH lifted its holdings in Lumen Technologies by 28.1% during the 4th quarter. Allianz Asset Management GmbH now owns 7,790,277 shares of the technology company’s stock valued at $41,366,000 after purchasing an additional 1,710,373 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Lumen Technologies in the third quarter valued at about $10,062,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Trading Down 1.5 %

The company has a market cap of $5.04 billion, a price-to-earnings ratio of -2.29 and a beta of 1.28. The business’s 50 day moving average price is $5.80 and its 200-day moving average price is $5.99. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05.

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.