Lumen Technologies (NYSE:LUMN) Trading 6.5% Higher - Here's What Happened

Key Points

• Lumen Technologies shares rose 6.5% to about $6.80 in midday trading, though volume was 69% below the average daily level.
• Analysts raised several price targets, including JPMorgan to $7 and UBS to $8, but the overall consensus remains bearish at “Reduce”, with a $7.86 target and mostly Hold ratings.
• Lumen beat quarterly expectations with an adjusted loss of $0.07 per share versus estimates of $0.13 and revenue of $2.81 billion, while revenue still declined 9.3% year over year. CEO Kathleen Johnson also bought 100,000 shares, worth about $613,000.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) traded up 6.5% on Wednesday . The stock traded as high as $6.78 and last traded at $6.7970. 4,248,517 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 13,505,430 shares. The stock had previously closed at $6.38.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Lumen Technologies from $6.00 to $7.00 and gave the stock a "neutral" rating in a research report on Monday, May 11th. UBS Group upped their price target on Lumen Technologies from $6.00 to $8.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Zacks Research downgraded shares of Lumen Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Finally, Citigroup reduced their price target on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating on the stock in a research report on Tuesday, August 11th. Nine research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $7.86.

Lumen Technologies Stock Performance

The firm has a market capitalization of $6.92 billion, a P/E ratio of -6.60 and a beta of 1.79. The firm's 50-day moving average is $6.52 and its 200 day moving average is $7.58.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.06. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. The business's revenue for the quarter was down 9.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) EPS. As a group, research analysts expect that Lumen Technologies, Inc. will post -0.52 EPS for the current fiscal year.

Insider Activity

In other Lumen Technologies news, CEO Kathleen E. Johnson acquired 100,000 shares of the business's stock in a transaction dated Thursday, August 6th. The shares were acquired at an average price of $6.13 per share, with a total value of $613,000.00. Following the completion of the transaction, the chief executive officer directly owned 100,000 shares in the company, valued at $613,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumen Technologies

A number of large investors have recently modified their holdings of the business. Legal & General Group Plc bought a new position in Lumen Technologies in the second quarter valued at approximately $18,541,000. CapWealth Advisors LLC grew its stake in shares of Lumen Technologies by 3.2% in the fourth quarter. CapWealth Advisors LLC now owns 6,699,685 shares of the technology company's stock valued at $52,057,000 after buying an additional 204,970 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Lumen Technologies during the second quarter worth $74,242,000. Russell Investments Group Ltd. lifted its stake in Lumen Technologies by 50.1% in the second quarter. Russell Investments Group Ltd. now owns 1,299,042 shares of the technology company's stock valued at $9,985,000 after acquiring an additional 433,624 shares during the last quarter. Finally, BlackRock Inc. grew its position in shares of Lumen Technologies by 3.5% in the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company's stock valued at $1,092,571,000 after acquiring an additional 4,796,141 shares during the period. 66.19% of the stock is currently owned by institutional investors and hedge funds.

About Lumen Technologies

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company's core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.

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