Short Interest in Lumen Technologies, Inc. (NYSE:LUMN) Drops By 18.2%

Lumen Technologies, Inc. (NYSE:LUMN) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totalling 112,540,000 shares, a drop of 18.2% from the July 15th total of 137,550,000 shares. Based on an average trading volume of 28,420,000 shares, the days-to-cover ratio is presently 4.0 days. Currently, 11.3% of the company’s stock are short sold.

Institutional Trading of Lumen Technologies

Several hedge funds have recently added to or reduced their stakes in the company. Algert Global LLC bought a new position in Lumen Technologies during the 2nd quarter worth $112,000. Mackenzie Financial Corp boosted its position in shares of Lumen Technologies by 267.4% during the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock valued at $260,000 after buying an additional 172,040 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Lumen Technologies by 2.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 509,861 shares of the technology company’s stock valued at $561,000 after buying an additional 9,922 shares during the last quarter. Millennium Management LLC increased its holdings in Lumen Technologies by 129.8% during the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after buying an additional 4,436,710 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in Lumen Technologies by 52.5% in the 2nd quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock worth $3,712,000 after acquiring an additional 1,246,289 shares during the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on LUMN shares. The Goldman Sachs Group raised Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $1.00 to $4.00 in a report on Wednesday, August 7th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Bank of America lifted their price target on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their target price for the stock from $1.75 to $4.00 in a research report on Friday. Four research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, Lumen Technologies has an average rating of “Hold” and an average price target of $3.74.

Lumen Technologies Stock Performance

Lumen Technologies stock traded up $0.31 during trading hours on Friday, reaching $6.02. 32,542,870 shares of the company were exchanged, compared to its average volume of 20,214,332. The stock has a 50-day moving average of $2.16 and a 200 day moving average of $1.69. Lumen Technologies has a 12 month low of $0.78 and a 12 month high of $7.83. The firm has a market cap of $6.11 billion, a price-to-earnings ratio of -0.55 and a beta of 1.14. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 36.89.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. Lumen Technologies had a negative net margin of 76.21% and a positive return on equity of 4.06%. The business’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period last year, the company earned $0.10 EPS. As a group, research analysts anticipate that Lumen Technologies will post -0.23 earnings per share for the current year.

Lumen Technologies Company Profile

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.