Lumen Technologies (NYSE:LUMN) Shares Up 8.8% - Here's Why

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report)'s stock price was up 8.8% during mid-day trading on Tuesday . The stock traded as high as $4.20 and last traded at $4.19. Approximately 8,795,577 shares were traded during trading, a decline of 55% from the average daily volume of 19,364,264 shares. The stock had previously closed at $3.85.

Analyst Ratings Changes

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

Lumen Technologies Stock Performance

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's 50-day moving average is $3.75 and its 200 day moving average is $4.93. The firm has a market cap of $4.03 billion, a P/E ratio of -78.58 and a beta of 1.34.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The technology company reported ($0.13) 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 during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the company earned ($0.04) EPS. The firm's quarterly revenue was down 3.3% on a year-over-year basis. On average, research analysts predict that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Hedge Funds Weigh In On Lumen Technologies

A number of large investors have recently added to or reduced their stakes in the company. Strs Ohio bought a new position in Lumen Technologies during the 1st quarter worth about $1,073,000. GK Wealth Management LLC boosted its stake in shares of Lumen Technologies by 19.4% during the 1st quarter. GK Wealth Management LLC now owns 64,865 shares of the technology company's stock worth $254,000 after buying an additional 10,550 shares during the last quarter. McAdam LLC boosted its stake in shares of Lumen Technologies by 74.5% during the 1st quarter. McAdam LLC now owns 113,350 shares of the technology company's stock worth $444,000 after buying an additional 48,384 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of Lumen Technologies by 50.6% during the 1st quarter. Acadian Asset Management LLC now owns 804,061 shares of the technology company's stock worth $3,146,000 after buying an additional 270,027 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in shares of Lumen Technologies by 24.7% during the 1st quarter. Intech Investment Management LLC now owns 1,221,905 shares of the technology company's stock worth $4,790,000 after buying an additional 242,418 shares during the last quarter. Institutional investors own 66.19% of the company's stock.

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.