Lumen Technologies (NYSE:LUMN) Trading 6.5% Higher – Here’s Why

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price shot up 6.5% during mid-day trading on Wednesday . The stock traded as high as $6.78 and last traded at $6.7970. 4,248,517 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 13,505,430 shares. The stock had previously closed at $6.38.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Zacks Research cut Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Wells Fargo & Company lowered their target price on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a research note on Wednesday, August 5th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Finally, TD Cowen increased their price objective on Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Nine research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $7.86.

Lumen Technologies Stock Performance

The stock has a market capitalization of $6.92 billion, a price-to-earnings ratio of -6.60 and a beta of 1.79. The company has a fifty day simple moving average of $6.52 and a two-hundred day simple moving average of $7.58.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same quarter in the previous year, the company earned ($0.03) earnings per share. The company’s quarterly revenue was down 9.3% on a year-over-year basis. As a group, equities analysts anticipate that Lumen Technologies, Inc. will post -0.52 earnings per share for the current year.

Insiders Place Their Bets

In other Lumen Technologies news, CEO Kathleen E. Johnson bought 100,000 shares of Lumen Technologies stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $6.13 per share, with a total value of $613,000.00. Following the acquisition, the chief executive officer owned 100,000 shares in the company, valued at $613,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Trading of Lumen Technologies

Several large investors have recently bought and sold shares of the business. Legal & General Group Plc bought a new position in shares of Lumen Technologies in the second quarter worth about $18,541,000. CapWealth Advisors LLC increased its position in Lumen Technologies by 3.2% during the 4th quarter. CapWealth Advisors LLC now owns 6,699,685 shares of the technology company’s stock worth $52,057,000 after purchasing an additional 204,970 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in Lumen Technologies in the second quarter valued at approximately $74,242,000. Russell Investments Group Ltd. grew its stake in shares of Lumen Technologies by 50.1% during the second quarter. Russell Investments Group Ltd. now owns 1,299,042 shares of the technology company’s stock worth $9,985,000 after buying an additional 433,624 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock valued at $1,092,571,000 after acquiring an additional 4,796,141 shares in the last quarter. 66.19% of the stock is 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.