The Goldman Sachs Group Begins Coverage on Lumen Technologies (NYSE:LUMN)

The Goldman Sachs Group started coverage on shares of Lumen Technologies (NYSE:LUMN) in a research note published on Monday morning, Marketbeat Ratings reports. The brokerage issued a sell rating and a $1.00 price target on the technology company’s stock.

Lumen Technologies Trading Down 4.7 %

LUMN stock opened at $1.02 on Monday. The company has a debt-to-equity ratio of 36.89, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50-day simple moving average is $1.22 and its 200 day simple moving average is $1.43. Lumen Technologies has a 52 week low of $0.78 and a 52 week high of $2.34. The company has a market capitalization of $1.04 billion, a PE ratio of -0.09 and a beta of 1.15.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, April 30th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). The firm had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.38 billion. Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The company’s quarterly revenue was down 12.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.10 earnings per share. As a group, sell-side analysts anticipate that Lumen Technologies will post -0.16 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson acquired 750,000 shares of Lumen Technologies stock in a transaction on Thursday, May 2nd. The shares were purchased at an average cost of $1.28 per share, for a total transaction of $960,000.00. Following the completion of the purchase, the chief executive officer now directly owns 7,756,290 shares of the company’s stock, valued at approximately $9,928,051.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in LUMN. Deutsche Bank AG lifted its stake in Lumen Technologies by 11.2% in the 3rd quarter. Deutsche Bank AG now owns 494,471 shares of the technology company’s stock valued at $702,000 after purchasing an additional 49,937 shares during the last quarter. FMR LLC increased its position in Lumen Technologies by 48.0% in the 3rd quarter. FMR LLC now owns 3,696,850 shares of the technology company’s stock valued at $5,250,000 after acquiring an additional 1,199,520 shares during the period. Dark Forest Capital Management LP acquired a new position in Lumen Technologies in the 3rd quarter valued at approximately $43,000. Belpointe Asset Management LLC increased its position in Lumen Technologies by 52.1% in the 3rd quarter. Belpointe Asset Management LLC now owns 24,527 shares of the technology company’s stock valued at $35,000 after acquiring an additional 8,405 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new position in Lumen Technologies in the 3rd quarter valued at approximately $142,000. Institutional investors own 66.19% of the company’s stock.

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.