Lumen Technologies (NYSE:LUMN) Shares Down 5.8%

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shares were down 5.8% during mid-day trading on Monday . The company traded as low as $1.46 and last traded at $1.47. Approximately 6,930,763 shares traded hands during trading, a decline of 50% from the average daily volume of 13,841,587 shares. The stock had previously closed at $1.56.

Lumen Technologies Price Performance

The business's fifty day moving average is $1.55 and its 200 day moving average is $1.49. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 47.56. The company has a market cap of $1.47 billion, a P/E ratio of -0.14 and a beta of 1.10.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings results on Tuesday, February 6th. The technology company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.11. Lumen Technologies had a negative net margin of 70.74% and a positive return on equity of 4.85%. The firm had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.45 billion. During the same period in the previous year, the business earned $0.43 EPS. The business's revenue for the quarter was down 7.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.3 EPS for the current year.

Insiders Place Their Bets

In other news, Director James Fowler acquired 30,000 shares of the firm's stock in a transaction dated Friday, February 9th. The shares were purchased at an average cost of $1.50 per share, for a total transaction of $45,000.00. Following the transaction, the director now directly owns 183,038 shares of the company's stock, valued at $274,557. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director James Fowler acquired 30,000 shares of Lumen Technologies stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average price of $1.50 per share, for a total transaction of $45,000.00. Following the purchase, the director now directly owns 183,038 shares in the company, valued at approximately $274,557. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director T Michael Glenn bought 50,000 shares of the company's stock in a transaction on Monday, February 26th. The shares were bought at an average cost of $1.47 per share, for a total transaction of $73,500.00. Following the transaction, the director now owns 272,019 shares in the company, valued at approximately $399,867.93. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 113,500 shares of company stock worth $174,780. 0.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lumen Technologies

A number of large investors have recently added to or reduced their stakes in LUMN. BlackRock Inc. raised its holdings in Lumen Technologies by 43.7% in the first quarter. BlackRock Inc. now owns 111,878,156 shares of the technology company's stock valued at $296,477,000 after acquiring an additional 34,020,726 shares in the last quarter. Renaissance Technologies LLC grew its stake in Lumen Technologies by 98.5% in the 1st quarter. Renaissance Technologies LLC now owns 24,202,603 shares of the technology company's stock valued at $64,137,000 after acquiring an additional 12,008,200 shares during the last quarter. AQR Capital Management LLC grew its stake in Lumen Technologies by 32,449.8% in the 4th quarter. AQR Capital Management LLC now owns 11,525,887 shares of the technology company's stock valued at $60,165,000 after acquiring an additional 11,490,477 shares during the last quarter. Two Sigma Investments LP purchased a new position in Lumen Technologies in the 1st quarter valued at about $25,611,000. Finally, First Trust Advisors LP lifted its holdings in Lumen Technologies by 49.4% in the 1st quarter. First Trust Advisors LP now owns 26,623,778 shares of the technology company's stock valued at $70,553,000 after purchasing an additional 8,806,410 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

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.