Lumen Technologies (NYSE:LUMN) Trading 7.6% Higher - Here's Why

Key Points

• Lumen Technologies' shares increased by 7.6% during trading on Wednesday, rising from a previous close of $5.54 to $5.96, although trading volume was significantly lower than average.
• Analysts have mixed ratings for the company, with Goldman Sachs setting a "neutral" rating and a target price of $4.10, while Wall Street Zen upgraded it to "hold" and Raymond James raised its target price from $4.50 to $5.00.
• Despite reporting earnings of ($0.03) per share, which beat estimates, Lumen Technologies experienced a year-over-year revenue decline of 5.4%.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shot up 7.6% during trading on Wednesday . The stock traded as high as $5.68 and last traded at $5.96. 2,284,903 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 12,594,936 shares. The stock had previously closed at $5.54.

Wall Street Analyst Weigh In

Several brokerages recently commented on LUMN. BNP Paribas raised shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. The Goldman Sachs Group began coverage on shares of Lumen Technologies in a report on Tuesday, September 2nd. They issued a "neutral" rating and a $4.10 price target for the company. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, Raymond James Financial upped their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Lumen Technologies presently has a consensus rating of "Hold" and an average target price of $5.14.

Lumen Technologies Trading Down 0.9%

The stock has a market capitalization of $5.85 billion, a PE ratio of -4.83 and a beta of 1.42. The business's 50-day moving average is $4.69 and its two-hundred day moving average is $4.29. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.21. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.11 billion. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The business's revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.13) EPS. As a group, equities research analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Insider Transactions at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson bought 135,870 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was purchased at an average price of $3.69 per share, with a total value of $501,360.30. Following the transaction, the chief executive officer owned 9,616,947 shares in the company, valued at $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Christopher Stansbury purchased 42,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was bought at an average price of $4.29 per share, with a total value of $180,180.00. Following the acquisition, the chief financial officer owned 518,000 shares in the company, valued at $2,222,220. This trade represents a 8.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 217,870 shares of company stock valued at $859,140. Corporate insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Lumen Technologies

Several institutional investors have recently bought and sold shares of LUMN. Osaic Holdings Inc. increased its stake in Lumen Technologies by 37.2% in the 2nd quarter. Osaic Holdings Inc. now owns 149,779 shares of the technology company's stock worth $655,000 after purchasing an additional 40,584 shares in the last quarter. Orion Porfolio Solutions LLC acquired a new stake in Lumen Technologies in the second quarter worth about $125,000. MRP Capital Investments LLC lifted its holdings in shares of Lumen Technologies by 160.0% during the 2nd quarter. MRP Capital Investments LLC now owns 6,500 shares of the technology company's stock valued at $28,000 after purchasing an additional 4,000 shares in the last quarter. Hudson Bay Capital Management LP acquired a new stake in Lumen Technologies in the 2nd quarter valued at approximately $68,000. Finally, Public Sector Pension Investment Board increased its position in shares of Lumen Technologies by 8.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 3,497,465 shares of the technology company's stock worth $15,319,000 after purchasing an additional 279,235 shares during the last quarter. Institutional investors and hedge funds 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.