Lumen Technologies (NYSE:LUMN) Shares Down 3.6%

Lumen Technologies, Inc. (NYSE:LUMN) fell 3.6% on Tuesday . The company traded as low as $1.07 and last traded at $1.07. 886,296 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 11,695,714 shares. The stock had previously closed at $1.11.

Analyst Ratings Changes

Separately, The Goldman Sachs Group started coverage on shares of Lumen Technologies in a report on Monday. They issued a “sell” rating and a $1.00 price target for the company.

Lumen Technologies Stock Down 2.7 %

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 business’s 50 day simple moving average is $1.23 and its 200 day simple moving average is $1.44.

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

Insider Activity

In other Lumen Technologies news, CEO Kathleen E. Johnson acquired 750,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average price of $1.28 per share, with a total value of $960,000.00. Following the completion of the transaction, the chief executive officer now owns 7,756,290 shares in the company, valued at $9,928,051.20. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 1.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lumen Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Guardian Capital LP raised its position in shares of Lumen Technologies by 53.5% in the fourth quarter. Guardian Capital LP now owns 22,145 shares of the technology company’s stock valued at $41,000 after purchasing an additional 7,717 shares during the period. ORG Partners LLC raised its position in shares of Lumen Technologies by 54.0% in the fourth quarter. ORG Partners LLC now owns 22,580 shares of the technology company’s stock valued at $41,000 after purchasing an additional 7,920 shares during the period. Compagnie Lombard Odier SCmA raised its position in shares of Lumen Technologies by 36.4% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 30,000 shares of the technology company’s stock valued at $55,000 after purchasing an additional 8,000 shares during the period. Belpointe Asset Management LLC raised its position in shares of Lumen Technologies by 52.1% in the third quarter. Belpointe Asset Management LLC now owns 24,527 shares of the technology company’s stock valued at $35,000 after purchasing an additional 8,405 shares during the period. Finally, Triumph Capital Management raised its position in shares of Lumen Technologies by 4.2% in the fourth quarter. Triumph Capital Management now owns 221,410 shares of the technology company’s stock valued at $405,000 after purchasing an additional 8,867 shares during the period. 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.