Lumen Technologies (NYSE:LUMN) Trading 8.6% Higher

Lumen Technologies, Inc. (NYSE:LUMN) shares shot up 8.6% on Tuesday . The stock traded as high as $5.09 and last traded at $5.04. 20,443,922 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 19,619,168 shares. The stock had previously closed at $4.64.

Analyst Ratings Changes

LUMN has been the topic of several recent research reports. Moffett Nathanson upped their price objective on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. The Goldman Sachs Group raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $1.00 to $4.00 in a report on Wednesday, August 7th. UBS Group boosted their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Bank of America raised their price target on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $3.53.

Lumen Technologies Trading Up 2.7 %

The company has a debt-to-equity ratio of 36.89, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $5.90 billion, a P/E ratio of -0.52 and a beta of 1.14. The firm’s fifty day moving average price is $1.98 and its two-hundred day moving average price is $1.63.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.25 billion. Lumen Technologies had a negative net margin of 76.21% and a positive return on equity of 4.06%. The business’s revenue was down 10.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 EPS. As a group, equities research analysts forecast that Lumen Technologies, Inc. will post -0.23 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. Vanguard Group Inc. lifted its stake in Lumen Technologies by 1.7% during the first quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after purchasing an additional 1,975,400 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Lumen Technologies by 28.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,304,001 shares of the technology company’s stock worth $48,136,000 after buying an additional 5,782,249 shares during the last quarter. Front Street Capital Management Inc. boosted its stake in Lumen Technologies by 30.1% in the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after buying an additional 2,697,423 shares in the last quarter. Palestra Capital Management LLC grew its position in Lumen Technologies by 71.0% during the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock valued at $20,437,000 after acquiring an additional 4,637,585 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Lumen Technologies by 11.6% during the second quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock worth $9,761,000 after acquiring an additional 919,300 shares in the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

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.