Lumen Technologies (NYSE:LUMN) Stock Price Up 7.4% – Here’s Why

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price was up 7.4% on Wednesday . The stock traded as high as $5.86 and last traded at $5.89. Approximately 4,417,680 shares traded hands during trading, a decline of 44% from the average daily volume of 7,885,958 shares. The stock had previously closed at $5.48.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LUMN shares. The Goldman Sachs Group raised their price objective on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. TD Cowen dropped their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 price objective (up from $4.00) on shares of Lumen Technologies in a research report on Friday, December 20th. Finally, Citigroup raised their target price on Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $4.66.

Lumen Technologies Trading Up 2.7 %

The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05. The firm has a 50 day moving average of $6.30 and a 200 day moving average of $5.72. The firm has a market cap of $6.01 billion, a PE ratio of -2.73 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. Lumen Technologies’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) EPS. Equities analysts anticipate that Lumen Technologies, Inc. will post -0.38 earnings per share for the current year.

Institutional Investors Weigh In On Lumen Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new position in shares of Lumen Technologies in the 2nd quarter worth about $25,000. Concord Wealth Partners grew its position in Lumen Technologies by 98.8% during the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after acquiring an additional 1,992 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Lumen Technologies during the third quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Lumen Technologies in the 3rd quarter valued at $36,000. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Lumen Technologies during the 3rd quarter valued at $46,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

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.