Lumen Technologies (NYSE:LUMN) Stock Price Up 7.4% – What’s Next?

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price traded up 7.4% during trading on Wednesday . The stock traded as high as $5.86 and last traded at $5.89. 4,417,680 shares traded hands during trading, a decline of 44% from the average session volume of 7,885,958 shares. The stock had previously closed at $5.48.

Wall Street Analysts Forecast Growth

LUMN has been the topic of several recent analyst reports. TD Cowen cut their target price 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. Citigroup upped their target price on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a report on Friday, November 29th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.25 price target (up previously from $4.00) on shares of Lumen Technologies in a report on Friday, December 20th. Finally, The Goldman Sachs Group raised their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $4.66.

Lumen Technologies Trading Up 2.7 %

The company has a market cap of $6.01 billion, a P/E ratio of -2.73 and a beta of 1.28. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The stock’s 50 day moving average is $6.30 and its 200-day moving average is $5.72.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted 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. Hennessy Advisors Inc. bought a new position in Lumen Technologies in the 4th quarter worth $45,089,000. Millennium Management LLC increased its stake in Lumen Technologies by 129.8% in the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after buying an additional 4,436,710 shares in the last quarter. AQR Capital Management LLC raised its holdings in Lumen Technologies by 52.5% during the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock valued at $3,712,000 after acquiring an additional 1,246,289 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Lumen Technologies by 9.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company’s stock valued at $23,184,000 after acquiring an additional 294,679 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

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.