Lumen Technologies (NYSE:LUMN) Shares Gap Up Following Insider Buying Activity

Lumen Technologies, Inc. (NYSE:LUMN) gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $1.29, but opened at $1.38. Lumen Technologies shares last traded at $1.34, with a volume of 5,174,953 shares changing hands.

Specifically, CEO Kathleen E. Johnson acquired 750,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average cost of $1.28 per share, with a total value of $960,000.00. Following the completion of the purchase, the chief executive officer now directly owns 7,756,290 shares in the company, valued at approximately $9,928,051.20. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Kathleen E. Johnson bought 750,000 shares of Lumen Technologies stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average price of $1.28 per share, for a total transaction of $960,000.00. Following the purchase, the chief executive officer now directly owns 7,756,290 shares in the company, valued at approximately $9,928,051.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Fowler bought 30,000 shares of the stock in a transaction dated Friday, February 9th. The stock was purchased at an average price of $1.50 per share, with a total value of $45,000.00. Following the acquisition, the director now owns 183,038 shares of the company’s stock, valued at $274,557. The disclosure for this purchase can be found here. Insiders acquired a total of 863,500 shares of company stock valued at $1,134,780 over the last three months. Corporate insiders own 1.68% of the company’s stock.

Lumen Technologies Stock Up 2.3 %

The stock has a 50-day moving average of $1.49 and a 200 day moving average of $1.48. The company has a quick ratio of 1.35, a current ratio of 1.03 and a debt-to-equity ratio of 36.89. The company has a market capitalization of $1.34 billion, a PE ratio of -0.12 and a beta of 1.16.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, April 30th. The technology company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). The business had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.38 billion. Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The company’s revenue for the quarter was down 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.10 earnings per share. Sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.18 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strategies Wealth Advisors LLC purchased a new position in Lumen Technologies in the fourth quarter valued at approximately $26,000. Brighton Jones LLC purchased a new position in shares of Lumen Technologies during the 4th quarter valued at $27,000. HighPoint Advisor Group LLC bought a new position in shares of Lumen Technologies during the 4th quarter worth $27,000. DekaBank Deutsche Girozentrale purchased a new stake in Lumen Technologies in the 3rd quarter worth about $30,000. Finally, Belpointe Asset Management LLC lifted its holdings in Lumen Technologies by 52.1% during the third quarter. Belpointe Asset Management LLC now owns 24,527 shares of the technology company’s stock valued at $35,000 after purchasing an additional 8,405 shares during the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

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.