Lumen Technologies (NYSE:LUMN) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Lumen Technologies (NYSE:LUMN) posted its quarterly earnings results on Tuesday. The technology company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.06, FiscalAI reports. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion.

Lumen Technologies Trading Up 4.6%

NYSE LUMN traded up $0.29 on Tuesday, hitting $6.75. 17,708,999 shares of the company were exchanged, compared to its average volume of 13,545,701. Lumen Technologies has a 1-year low of $3.61 and a 1-year high of $11.95. The firm has a 50 day moving average of $7.77 and a two-hundred day moving average of $7.89. The company has a market cap of $6.95 billion, a P/E ratio of -3.88 and a beta of 1.79.

Analysts Set New Price Targets

LUMN has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Zacks Research downgraded shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Wall Street Zen lowered shares of Lumen Technologies from a “hold” rating to a “sell” rating in a report on Saturday. Wells Fargo & Company increased their price objective on shares of Lumen Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Nine analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Lumen Technologies has a consensus rating of “Reduce” and an average price target of $8.32.

Hedge Funds Weigh In On Lumen Technologies

Large investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC acquired a new position in Lumen Technologies during the 4th quarter valued at about $83,000. Vise Technologies Inc. acquired a new stake in shares of Lumen Technologies during the 4th quarter worth approximately $99,000. Hudson Bay Capital Management LP bought a new stake in shares of Lumen Technologies during the second quarter worth approximately $68,000. Sender Co & Partners Inc. acquired a new position in Lumen Technologies in the second quarter valued at approximately $76,000. Finally, IHT Wealth Management LLC bought a new position in Lumen Technologies in the second quarter valued at approximately $71,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Company Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.