Lumen Technologies (NYSE:LUMN) Trading 4.5% Higher – Here’s Why

Lumen Technologies, Inc. (NYSE:LUMN) shares shot up 4.5% during mid-day trading on Wednesday . The company traded as high as $6.26 and last traded at $6.26. 1,973,735 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 19,202,723 shares. The stock had previously closed at $5.99.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LUMN shares. Citigroup increased their price target on shares of Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. TD Cowen cut their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, 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 report on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.71.

Lumen Technologies Stock Up 3.7 %

The company has a market capitalization of $6.30 billion, a PE ratio of -2.86 and a beta of 1.21. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The firm has a 50 day simple moving average of $7.16 and a two-hundred day simple moving average of $4.93.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LUMN. Franklin Resources Inc. raised its holdings in shares of Lumen Technologies by 66.8% in the third quarter. Franklin Resources Inc. now owns 560,793 shares of the technology company’s stock worth $3,982,000 after acquiring an additional 224,506 shares during the last quarter. Virtu Financial LLC purchased a new stake in Lumen Technologies in the 3rd quarter valued at about $473,000. Neo Ivy Capital Management acquired a new position in shares of Lumen Technologies during the 3rd quarter valued at about $570,000. Coldstream Capital Management Inc. acquired a new stake in shares of Lumen Technologies in the third quarter worth approximately $125,000. Finally, Geode Capital Management LLC raised its position in Lumen Technologies by 1.7% in the third quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company’s stock valued at $165,776,000 after purchasing an additional 383,693 shares during the period. 66.19% of the stock is owned by hedge funds and other institutional investors.

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.