Prospera Private Wealth LLC Buys Shares of 12,260 Lumen Technologies, Inc. (NYSE:LUMN)

Prospera Private Wealth LLC acquired a new position in Lumen Technologies, Inc. (NYSE:LUMN) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 12,260 shares of the technology company’s stock, valued at approximately $87,000.

Other hedge funds have also recently modified their holdings of the company. Concord Wealth Partners grew its holdings in shares of Lumen Technologies by 98.8% during the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after buying an additional 1,992 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Lumen Technologies during the 3rd quarter valued at about $46,000. GAMMA Investing LLC lifted its holdings in Lumen Technologies by 1,901.8% in the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after acquiring an additional 6,504 shares during the period. ORG Wealth Partners LLC acquired a new position in shares of Lumen Technologies in the 3rd quarter valued at $59,000. Finally, Stableford Capital II LLC acquired a new position in shares of Lumen Technologies in the third quarter worth about $71,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on LUMN. Bank of America increased their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a report on Thursday, August 8th. The Goldman Sachs Group upped their target price on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. TD Cowen reduced their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Finally, Wells Fargo & Company cut Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.02.

Lumen Technologies Price Performance

Lumen Technologies stock opened at $7.88 on Friday. The company’s 50 day moving average is $7.11 and its two-hundred day moving average is $4.19. The firm has a market cap of $8.00 billion, a PE ratio of -3.63 and a beta of 1.21. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.09) earnings per share. On average, research analysts expect that Lumen Technologies, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director James Fowler bought 10,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the purchase, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 2.67 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.68% of the company’s stock.

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.