Bryce Point Capital LLC Acquires Shares of 38,640 Lumen Technologies, Inc. $LUMN

Key Points

• Bryce Point Capital LLC acquired 38,640 shares of Lumen Technologies, Inc., valued at approximately $169,000, in the 2nd quarter of 2023.
• Multiple hedge funds increased their stakes in Lumen Technologies, with 66.19% of the stock currently owned by institutional investors.
• Analysts have mixed ratings for Lumen Technologies, with a consensus price target of $5.98 and one "Buy," six "Hold," and one "Sell" rating from various firms.

Bryce Point Capital LLC bought a new position in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 38,640 shares of the technology company's stock, valued at approximately $169,000.

Several other hedge funds have also modified their holdings of the stock. Farther Finance Advisors LLC boosted its holdings in Lumen Technologies by 132.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company's stock worth $26,000 after acquiring an additional 3,391 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of Lumen Technologies by 3,527.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 6,639 shares of the technology company's stock worth $29,000 after purchasing an additional 6,456 shares in the last quarter. OneDigital Investment Advisors LLC acquired a new stake in Lumen Technologies during the 1st quarter valued at $41,000. Meeder Advisory Services Inc. purchased a new stake in Lumen Technologies during the 1st quarter worth $41,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Lumen Technologies by 60.8% in the 1st quarter. Smartleaf Asset Management LLC now owns 10,847 shares of the technology company's stock worth $43,000 after buying an additional 4,102 shares in the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Price Performance

Shares of LUMN opened at $10.59 on Wednesday. Lumen Technologies, Inc. has a 52 week low of $3.01 and a 52 week high of $11.95. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 59.98. The firm has a market cap of $10.86 billion, a price-to-earnings ratio of -8.97 and a beta of 1.45. The stock has a 50 day moving average of $6.75 and a 200-day moving average of $5.06.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Friday, January 27th. The technology company reported $0.49 earnings per share (EPS) for the quarter. The business had revenue of $4.05 billion for the quarter. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%. As a group, analysts forecast that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, CFO Christopher Stansbury purchased 42,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $4.29 per share, with a total value of $180,180.00. Following the acquisition, the chief financial officer owned 518,000 shares of the company's stock, valued at approximately $2,222,220. This represents a 8.82% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Citigroup downgraded Lumen Technologies from a "buy" rating to a "neutral" rating and set a $11.00 target price for the company. in a research note on Friday, October 31st. The Goldman Sachs Group raised their price objective on Lumen Technologies from $4.10 to $4.60 and gave the company a "neutral" rating in a research note on Friday, October 3rd. Wall Street Zen lowered Lumen Technologies from a "hold" rating to a "sell" rating in a research report on Saturday. Raymond James Financial raised their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Lumen Technologies in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $5.98.

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.

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