Lumen Technologies (NYSE:LUMN) Trading Up 11.3% After Analyst Upgrade

Key Points

• Lumen Technologies shares surged 11.3% following an upgrade from Goldman Sachs, which raised its price target from $4.10 to $4.60 while maintaining a neutral rating.
• In the latest quarter, Lumen reported an EPS of ($0.03), beating the consensus estimate of ($0.24), although its revenue declined by 5.4% year-over-year.
• Insider trading activity included CFO Christopher Stansbury acquiring 40,000 shares and CEO Kathleen E. Johnson acquiring 135,870 shares, indicating confidence from executives in the company's future.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shares rose 11.3% during mid-day trading on Monday after The Goldman Sachs Group raised their price target on the stock from $4.10 to $4.60. The Goldman Sachs Group currently has a neutral rating on the stock. Lumen Technologies traded as high as $7.19 and last traded at $7.30. Approximately 4,806,120 shares were traded during trading, a decline of 63% from the average daily volume of 13,069,842 shares. The stock had previously closed at $6.56.

LUMN has been the subject of several other research reports. Citigroup increased their target price on Lumen Technologies from $6.00 to $7.50 and gave the company a "buy" rating in a research note on Thursday, September 25th. BNP Paribas upgraded Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Raymond James Financial increased their target price on Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $5.39.

Insider Buying and Selling

In other news, CFO Christopher Stansbury acquired 40,000 shares of Lumen Technologies stock in a transaction on Friday, August 15th. The stock was bought at an average price of $4.44 per share, for a total transaction of $177,600.00. Following the transaction, the chief financial officer owned 535,000 shares of the company's stock, valued at $2,375,400. The trade was a 8.08% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kathleen E. Johnson acquired 135,870 shares of Lumen Technologies stock in a transaction 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 directly owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 217,870 shares of company stock valued at $859,140 in the last quarter. Corporate insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its position in shares of Lumen Technologies by 132.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company's stock worth $26,000 after buying an additional 3,391 shares during the period. MRP Capital Investments LLC lifted its position 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 worth $28,000 after buying an additional 4,000 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of Lumen Technologies by 3,527.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,639 shares of the technology company's stock worth $29,000 after buying an additional 6,456 shares during the period. Conning Inc. bought a new position in shares of Lumen Technologies during the 1st quarter worth approximately $39,000. Finally, OneDigital Investment Advisors LLC bought a new position in shares of Lumen Technologies during the 1st quarter worth approximately $41,000. Institutional investors own 66.19% of the company's stock.

Lumen Technologies Price Performance

The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. The firm has a market cap of $7.49 billion, a P/E ratio of -6.18 and a beta of 1.45. The company has a 50-day moving average of $5.02 and a 200 day moving average of $4.37.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted 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 business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.11 billion. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.Lumen Technologies's revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.13) EPS. On average, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

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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