Lumen Technologies (NYSE:LUMN) Sets New 12-Month High Following Better-Than-Expected Earnings

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $7.83 and last traded at $7.68, with a volume of 4309542 shares. The stock had previously closed at $7.61.

The technology company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.07. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.09) earnings per share.

Analyst Ratings Changes

A number of brokerages have recently issued reports on LUMN. UBS Group raised their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $1.75 to $4.00 in a report on Friday, August 16th. The Goldman Sachs Group raised their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday. TD Cowen decreased their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, Moffett Nathanson lifted their target price on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $4.02.

Insider Buying and Selling at Lumen Technologies

In other news, Director James Fowler acquired 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares in the company, valued at $1,805,063.20. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Lumen Technologies

Several large investors have recently modified their holdings of LUMN. Congress Asset Management Co. purchased a new stake in Lumen Technologies during the 3rd quarter worth about $2,592,000. Quadrature Capital Ltd purchased a new stake in shares of Lumen Technologies during the first quarter worth about $468,000. Mackenzie Financial Corp raised its position in shares of Lumen Technologies by 267.4% in 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. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Lumen Technologies by 22.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock valued at $3,198,000 after buying an additional 401,399 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new stake in Lumen Technologies during the third quarter worth approximately $10,062,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Price Performance

The stock has a market capitalization of $9.16 billion, a PE ratio of -4.19 and a beta of 1.21. The company’s 50 day simple moving average is $6.32 and its 200 day simple moving average is $3.60. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51.

About Lumen Technologies

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.