Lumen Technologies, Inc. (NYSE:LUMN) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC trimmed its position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 37.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,050,748 shares of the technology company's stock after selling 2,413,322 shares during the period. Voloridge Investment Management LLC owned about 0.40% of Lumen Technologies worth $21,509,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Lumen Technologies in the 4th quarter valued at about $63,638,000. Dimensional Fund Advisors LP boosted its position in Lumen Technologies by 368.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company's stock valued at $52,111,000 after buying an additional 7,717,596 shares during the period. Renaissance Technologies LLC boosted its position in Lumen Technologies by 76.3% in the 4th quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company's stock valued at $61,936,000 after buying an additional 5,049,709 shares during the period. Millennium Management LLC boosted its position in Lumen Technologies by 474.8% in the 4th quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock valued at $30,503,000 after buying an additional 4,745,040 shares during the period. Finally, Trexquant Investment LP purchased a new stake in Lumen Technologies in the 4th quarter valued at about $12,930,000. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Stock Down 1.4%

NYSE:LUMN traded down $0.06 during midday trading on Wednesday, reaching $3.97. 3,893,518 shares of the stock traded hands, compared to its average volume of 19,324,895. Lumen Technologies, Inc. has a 12-month low of $0.97 and a 12-month high of $10.33. The business has a 50-day moving average of $3.80 and a two-hundred day moving average of $5.12. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. The stock has a market capitalization of $4.07 billion, a PE ratio of -79.28 and a beta of 1.34.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.29) by $0.16. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted ($0.04) EPS. Lumen Technologies's revenue for the quarter was down 3.3% compared to the same quarter last year. On average, equities analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LUMN has been the subject of several research reports. Citigroup raised shares of Lumen Technologies from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $8.00 to $6.50 in a research report on Wednesday, February 26th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $4.25 price target on shares of Lumen Technologies in a research report on Monday, February 10th. Wells Fargo & Company raised shares of Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price target for the company in a research report on Friday, February 21st. Finally, Raymond James raised shares of Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 price target for the company in a research report on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Lumen Technologies presently has an average rating of "Hold" and an average target price of $4.58.

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.