Lumen Technologies (NYSE:LUMN) Trading 7.7% Higher – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price was up 7.7% during mid-day trading on Tuesday . The stock traded as high as $5.00 and last traded at $4.96. Approximately 6,643,124 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 11,981,886 shares. The stock had previously closed at $4.60.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on LUMN shares. The Goldman Sachs Group raised their price target on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 target price on shares of Lumen Technologies in a research note on Monday, February 10th. TD Cowen reduced their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Finally, Citigroup increased their target price 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. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $4.66.

Lumen Technologies Stock Up 7.3 %

The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The business has a fifty day simple moving average of $5.44 and a two-hundred day simple moving average of $6.19. The company has a market capitalization of $5.01 billion, a price-to-earnings ratio of -98.68 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. Equities analysts expect that Lumen Technologies, Inc. will post -0.79 EPS for the current year.

Institutional Investors Weigh In On Lumen Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in Lumen Technologies by 1.7% during 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 in the last quarter. Northern Trust Corp boosted its holdings in shares of Lumen Technologies by 8.6% in the 4th quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company’s stock worth $65,602,000 after acquiring an additional 982,206 shares in the last quarter. Norges Bank acquired a new position in shares of Lumen Technologies in the 4th quarter worth approximately $63,638,000. Renaissance Technologies LLC boosted its holdings in shares of Lumen Technologies by 76.3% in the 4th quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company’s stock worth $61,936,000 after acquiring an additional 5,049,709 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Lumen Technologies by 368.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company’s stock worth $52,111,000 after acquiring an additional 7,717,596 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

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.