Lumen Technologies (NYSE:LUMN) Shares Up 9.2% – Still a Buy?

Lumen Technologies, Inc. (NYSE:LUMN)’s share price rose 9.2% during trading on Wednesday . The company traded as high as $5.89 and last traded at $5.80. Approximately 2,117,478 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 7,538,880 shares. The stock had previously closed at $5.31.

Analysts Set New Price Targets

LUMN has been the subject of a number of research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 target price (up previously from $4.00) on shares of Lumen Technologies in a research report on Friday, December 20th. Citigroup raised their price target on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. TD Cowen dropped their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $4.66.

Lumen Technologies Stock Performance

The stock has a 50 day simple moving average of $6.80 and a 200 day simple moving average of $5.56. The stock has a market cap of $5.68 billion, a P/E ratio of -2.58 and a beta of 1.21. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data 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). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same quarter in the previous year, the company earned ($0.09) earnings per share. The company’s quarterly revenue was down 11.5% on a year-over-year basis. On average, equities analysts expect that Lumen Technologies, Inc. will post -0.38 earnings per share for the current year.

Institutional Trading of Lumen Technologies

Large investors have recently bought and sold shares of the business. Hennessy Advisors Inc. bought a new stake in Lumen Technologies during the 4th quarter worth $45,089,000. Millennium Management LLC increased its position in shares of Lumen Technologies by 129.8% during the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after acquiring an additional 4,436,710 shares in the last quarter. Front Street Capital Management Inc. raised its holdings in shares of Lumen Technologies by 30.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after acquiring an additional 2,697,423 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Lumen Technologies by 1,081.0% during the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock valued at $16,819,000 after purchasing an additional 2,168,325 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in Lumen Technologies during the 3rd quarter worth approximately $10,062,000. 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.