Stock Traders Buy High Volume of Lumen Technologies Call Options (NYSE:LUMN)

Key Points

• On Friday, traders bought a significant volume of Lumen Technologies call options, with 29,208 contracts traded, marking a 114% increase compared to the average volume of 13,625.
• Institutional investors own 66.19% of Lumen's stock, with several hedge funds significantly increasing their stakes during the second quarter.
• Lumen reported a quarterly earnings surprise with ($0.03) earnings per share, compared to the consensus estimate of ($0.24), but its revenue fell by 5.4% year-over-year to $3.09 billion.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) was the recipient of some unusual options trading on Friday. Stock traders acquired 29,208 call options on the stock. Thisisanincreaseof114% compared to the average volume of 13,625 call options.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its stake in shares of Lumen Technologies by 54.1% during the second quarter. Nisa Investment Advisors LLC now owns 40,444 shares of the technology company's stock valued at $177,000 after purchasing an additional 14,202 shares during the period. Whipplewood Advisors LLC boosted its stake in shares of Lumen Technologies by 243,540.0% during the second quarter. Whipplewood Advisors LLC now owns 12,182 shares of the technology company's stock valued at $53,000 after purchasing an additional 12,177 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in shares of Lumen Technologies by 9.8% during the second quarter. State of New Jersey Common Pension Fund D now owns 490,480 shares of the technology company's stock valued at $2,148,000 after purchasing an additional 43,711 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of Lumen Technologies by 3,527.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 6,639 shares of the technology company's stock valued at $29,000 after purchasing an additional 6,456 shares during the period. Finally, First Citizens Bank & Trust Co. boosted its stake in shares of Lumen Technologies by 195.0% during the second quarter. First Citizens Bank & Trust Co. now owns 132,726 shares of the technology company's stock valued at $581,000 after purchasing an additional 87,727 shares during the period. Institutional investors own 66.19% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LUMN. BNP Paribas raised Lumen Technologies to a "hold" rating in a research report on Wednesday, June 25th. Raymond James Financial increased their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Wall Street Zen lowered shares of Lumen Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $4.64.

Lumen Technologies Price Performance

LUMN traded down $0.90 during trading hours on Friday, hitting $3.56. The company's stock had a trading volume of 21,253,892 shares, compared to its average volume of 12,019,979. The business's 50-day moving average price is $4.27 and its 200-day moving average price is $4.36. Lumen Technologies has a 12 month low of $2.51 and a 12 month high of $10.33. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of -11.47 and a beta of 1.39. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 59.98.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.21. Lumen Technologies had a negative net margin of 2.41% and a negative return on equity of 75.08%. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.11 billion. During the same quarter in the previous year, the business posted ($0.13) earnings per share. Lumen Technologies's quarterly revenue was down 5.4% on a year-over-year basis. Sell-side analysts expect that Lumen Technologies will post -0.87 earnings per share for the current fiscal year.

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.

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