Lumen Technologies, Inc. (NYSE:LUMN) Sees Significant Decrease in Short Interest

Lumen Technologies, Inc. (NYSE:LUMN) was the recipient of a significant decline in short interest in January. As of January 30th, there was short interest totaling 47,193,849 shares, a decline of 25.6% from the January 15th total of 63,424,358 shares. Based on an average daily volume of 12,848,278 shares, the days-to-cover ratio is presently 3.7 days. Currently, 4.7% of the company’s stock are sold short. Currently, 4.7% of the company’s stock are sold short. Based on an average daily volume of 12,848,278 shares, the days-to-cover ratio is presently 3.7 days.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson purchased 78,685 shares of the business’s stock in a transaction dated Thursday, February 5th. The stock was bought at an average cost of $6.35 per share, with a total value of $499,649.75. Following the purchase, the chief executive officer directly owned 8,562,582 shares of the company’s stock, valued at approximately $54,372,395.70. This trade represents a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Lumen Technologies

Several hedge funds have recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D increased its position in shares of Lumen Technologies by 9.8% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 490,480 shares of the technology company’s stock worth $2,148,000 after purchasing an additional 43,711 shares in the last quarter. Bryce Point Capital LLC bought a new stake in Lumen Technologies during the second quarter worth about $169,000. Credit Capital Investments LLC increased its holdings in shares of Lumen Technologies by 150.0% during the second quarter. Credit Capital Investments LLC now owns 150,000 shares of the technology company’s stock worth $657,000 after buying an additional 90,000 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Lumen Technologies by 10.5% in the second quarter. Prudential Financial Inc. now owns 1,099,473 shares of the technology company’s stock valued at $4,816,000 after acquiring an additional 104,362 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Lumen Technologies by 8.5% in the 2nd quarter. Allianz Asset Management GmbH now owns 9,520,500 shares of the technology company’s stock worth $41,700,000 after acquiring an additional 748,185 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on LUMN shares. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 9th. Royal Bank Of Canada boosted their target price on shares of Lumen Technologies from $4.25 to $8.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 25th. Raymond James Financial restated a “market perform” rating on shares of Lumen Technologies in a report on Wednesday, February 4th. Citigroup decreased their price objective on shares of Lumen Technologies from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, February 5th. Finally, The Goldman Sachs Group upped their price objective on shares of Lumen Technologies from $5.50 to $7.25 and gave the stock a “neutral” rating in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.88.

Lumen Technologies Trading Up 4.8%

NYSE LUMN opened at $8.39 on Friday. Lumen Technologies has a 1 year low of $3.01 and a 1 year high of $11.95. The company has a fifty day simple moving average of $8.12 and a 200 day simple moving average of $7.16. The company has a market cap of $8.60 billion, a P/E ratio of -4.82 and a beta of 1.51.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, February 3rd. The technology company reported $0.23 EPS for the quarter, topping the consensus estimate of ($0.21) by $0.44. Lumen Technologies had a negative net margin of 14.02% and a negative return on equity of 158.40%. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter last year, the firm posted $0.09 EPS. The business’s quarterly revenue was down 8.7% on a year-over-year basis. Equities research analysts forecast that Lumen Technologies will post -0.87 EPS for the current fiscal year.

About Lumen Technologies

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.