Lumen Technologies (NYSE:LUMN) Sets New 52-Week High Following Better-Than-Expected Earnings

Lumen Technologies, Inc. (NYSE:LUMN) shares hit a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $7.83 and last traded at $7.68, with a volume of 4309542 shares. The stock had previously closed at $7.61.

The technology company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.07. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The firm’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.09) earnings per share.

Analysts Set New Price Targets

LUMN has been the subject of several recent research reports. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Moffett Nathanson raised their price objective on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Bank of America raised their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Finally, UBS Group increased their target price on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, Lumen Technologies has a consensus rating of “Hold” and an average target price of $4.09.

Insiders Place Their Bets

In other news, Director James Fowler bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the transaction, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

Several institutional investors have recently bought and sold shares of the company. Congress Asset Management Co. bought a new position in shares of Lumen Technologies in the third quarter worth $2,592,000. Quadrature Capital Ltd purchased a new stake in shares of Lumen Technologies during the first quarter worth about $468,000. Mackenzie Financial Corp boosted its holdings in shares of Lumen Technologies by 267.4% during the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock worth $260,000 after purchasing an additional 172,040 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Lumen Technologies by 22.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock worth $3,198,000 after buying an additional 401,399 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new stake in Lumen Technologies in the third quarter worth about $10,062,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Up 3.2 %

The company’s fifty day simple moving average is $6.32 and its 200 day simple moving average is $3.60. The firm has a market capitalization of $7.98 billion, a PE ratio of -3.63 and a beta of 1.21. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51.

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.