Lumen Technologies (NYSE:LUMN) Stock Price Up 8.5% - Here's What Happened

Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shot up 8.5% during mid-day trading on Monday . The company traded as high as $4.05 and last traded at $4.27. 1,142,021 shares changed hands during trading, a decline of 94% from the average session volume of 19,407,433 shares. The stock had previously closed at $3.94.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LUMN. Raymond James Financial upgraded 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. Citigroup raised shares of Lumen Technologies from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $8.00 to $6.50 in a research note on Wednesday, February 26th. Two research 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 a consensus price target of $4.58.

Lumen Technologies Stock Performance

The firm has a market capitalization of $4.45 billion, a PE ratio of -13.98 and a beta of 1.38. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 59.98. The stock's 50 day moving average price is $3.94 and its two-hundred day moving average price is $4.58.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its earnings results on Thursday, May 1st. The technology company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.16. The firm had revenue of $3.18 billion during the quarter, compared to analysts' expectations of $3.12 billion. Lumen Technologies had a negative net margin of 2.41% and a negative return on equity of 75.08%. Lumen Technologies's revenue for the quarter was down 3.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.04) EPS. On average, equities analysts expect that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Institutional Trading of Lumen Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of LUMN. Smartleaf Asset Management LLC grew its stake in shares of Lumen Technologies by 173.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company's stock valued at $36,000 after buying an additional 4,277 shares during the period. Lazard Asset Management LLC grew its stake in shares of Lumen Technologies by 3,825.7% during the 4th quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock valued at $39,000 after buying an additional 7,307 shares during the period. Conning Inc. purchased a new stake in shares of Lumen Technologies during the 1st quarter valued at $39,000. Quantinno Capital Management LP purchased a new stake in shares of Lumen Technologies during the 4th quarter valued at $54,000. Finally, OneDigital Investment Advisors LLC purchased a new stake in shares of Lumen Technologies during the 1st quarter valued at $41,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

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.