Lumen Technologies (NYSE:LUMN) Trading 11.3% Higher on Analyst Upgrade

Lumen Technologies, Inc. (NYSE:LUMN)’s share price traded up 11.3% on Monday after The Goldman Sachs Group raised their price target on the stock from $4.10 to $4.60. The Goldman Sachs Group currently has a neutral rating on the stock. Lumen Technologies traded as high as $7.19 and last traded at $7.30. 4,806,120 shares changed hands during trading, a decline of 63% from the average session volume of 13,069,842 shares. The stock had previously closed at $6.56.

Other research analysts also recently issued research reports about the stock. BNP Paribas raised shares of Lumen Technologies to a “hold” rating in a research report on Wednesday, June 25th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 3rd. Raymond James Financial increased their price objective on Lumen Technologies from $4.50 to $5.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Finally, Citigroup boosted their target price on Lumen Technologies from $6.00 to $7.50 and gave the stock a “buy” rating in a research note on Thursday, September 25th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Lumen Technologies presently has a consensus rating of “Hold” and a consensus price target of $5.39.

Insider Buying and Selling at Lumen Technologies

In other news, CEO Kathleen E. Johnson bought 135,870 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased at an average cost of $3.69 per share, with a total value of $501,360.30. Following the transaction, the chief executive officer directly owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. The trade was a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Christopher Stansbury bought 42,000 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $4.29 per share, for a total transaction of $180,180.00. Following the completion of the transaction, the chief financial officer owned 518,000 shares in the company, valued at $2,222,220. This trade represents a 8.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 217,870 shares of company stock worth $859,140. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC grew its position in Lumen Technologies by 132.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company’s stock worth $26,000 after purchasing an additional 3,391 shares during the period. MRP Capital Investments LLC raised its stake in shares of Lumen Technologies by 160.0% during the 2nd quarter. MRP Capital Investments LLC now owns 6,500 shares of the technology company’s stock valued at $28,000 after buying an additional 4,000 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Lumen Technologies by 3,527.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,639 shares of the technology company’s stock valued at $29,000 after buying an additional 6,456 shares during the last quarter. Conning Inc. purchased a new position in shares of Lumen Technologies during the 1st quarter valued at about $39,000. Finally, OneDigital Investment Advisors LLC purchased a new position in shares of Lumen Technologies during the 1st quarter valued at about $41,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Price Performance

The stock has a 50 day simple moving average of $5.12 and a two-hundred day simple moving average of $4.40. The firm has a market cap of $7.10 billion, a PE ratio of -5.86 and a beta of 1.45. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.21. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.11 billion. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The company’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.13) EPS. Sell-side analysts expect that Lumen Technologies, Inc. will post -0.87 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.