Lumen Technologies, Inc. (NYSE:LUMN) Short Interest Down 25.8% in September

Lumen Technologies, Inc. (NYSE:LUMN) saw a significant drop in short interest during the month of September. As of September 30th, there was short interest totalling 61,160,000 shares, a drop of 25.8% from the September 15th total of 82,400,000 shares. Currently, 6.5% of the company’s shares are short sold. Based on an average daily volume of 37,340,000 shares, the days-to-cover ratio is currently 1.6 days.

Insider Activity

In other news, Director James Fowler purchased 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.68% of the company’s stock.

Institutional Trading of Lumen Technologies

Several large investors have recently bought and sold shares of LUMN. Vanguard Group Inc. boosted its position in Lumen Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock valued at $187,673,000 after buying an additional 1,975,400 shares during the last quarter. Front Street Capital Management Inc. boosted its holdings in shares of Lumen Technologies by 30.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after acquiring an additional 2,697,423 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Lumen Technologies by 11.6% in the second quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock worth $9,761,000 after acquiring an additional 919,300 shares during the period. Millennium Management LLC raised its holdings in shares of 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 purchasing an additional 4,436,710 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Lumen Technologies by 52.5% during the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock worth $3,712,000 after purchasing an additional 1,246,289 shares during the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on LUMN shares. Moffett Nathanson lifted their price objective on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $1.75 to $4.00 in a research report on Friday, August 16th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Finally, TD Cowen increased their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.09.

Lumen Technologies Stock Down 1.9 %

Shares of LUMN opened at $6.08 on Tuesday. The firm has a market capitalization of $6.17 billion, a P/E ratio of -0.56 and a beta of 1.19. The firm has a fifty day moving average price of $6.04 and a 200-day moving average price of $3.01. Lumen Technologies has a 12-month low of $0.78 and a 12-month high of $7.83. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter in the prior year, the business posted $0.10 earnings per share. The company’s revenue was down 10.7% compared to the same quarter last year. Equities research analysts expect that Lumen Technologies will post -0.18 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.