Lumen Technologies (NYSE:LUMN) Sets New 1-Year High – Here’s What Happened

by · The Markets Daily

Lumen Technologies, Inc. (NYSE:LUMN – Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $7.95 and last traded at $7.95, with a volume of 4890455 shares changing hands. The stock had previously closed at $6.74.

Analyst Ratings Changes

Several equities analysts recently weighed in on LUMN shares. Bank of America increased their price target on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. TD Cowen increased their price objective on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price target for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Finally, Moffett Nathanson boosted their price objective on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $4.09.

Get Our Latest Report on Lumen Technologies

Lumen Technologies Stock Up 18.0 %

The business’s fifty day simple moving average is $6.10 and its two-hundred day simple moving average is $3.14. The company has a market cap of $8.07 billion, a PE ratio of -0.62 and a beta of 1.19. 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 – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. Lumen Technologies’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 EPS. On average, analysts predict that Lumen Technologies, Inc. will post -0.18 earnings per share for the current year.

Insider Activity

In related news, Director James Fowler purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price 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 $1,805,063.20. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On Lumen Technologies

Several institutional investors have recently bought and sold shares of LUMN. Allspring Global Investments Holdings LLC purchased a new position in shares of Lumen Technologies in the third quarter valued at approximately $46,000. GAMMA Investing LLC raised its stake in Lumen Technologies by 1,901.8% in the 3rd quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after purchasing an additional 6,504 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in Lumen Technologies in the 3rd quarter valued at $59,000. Stableford Capital II LLC acquired a new stake in Lumen Technologies during the 3rd quarter worth $71,000. Finally, Sound Income Strategies LLC grew its holdings in shares of Lumen Technologies by 2,688.2% during the third quarter. Sound Income Strategies LLC now owns 10,372 shares of the technology company’s stock worth $74,000 after buying an additional 10,000 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

About Lumen Technologies

(Get Free Report)

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.

Recommended Stories