Lumen Technologies (NYSE:LUMN) Sets New 12-Month High After Strong Earnings

Lumen Technologies, Inc. (NYSE:LUMN)’s share price reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $7.83 and last traded at $7.68, with a volume of 4309542 shares changing hands. The stock had previously closed at $7.61.

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

Analysts Set New Price Targets

Several research firms recently commented on LUMN. The Goldman Sachs Group raised their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their target price for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. TD Cowen cut their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday. Bank of America increased their target price on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.02.

Insider Activity at Lumen Technologies

In other news, Director James Fowler bought 10,000 shares of Lumen Technologies stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $4.70 per share, with a total value of $47,000.00. Following the acquisition, the director now directly owns 384,056 shares in the company, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lumen Technologies

Large investors have recently bought and sold shares of the business. Stephens Inc. AR grew its position in shares of Lumen Technologies by 7.7% during the third quarter. Stephens Inc. AR now owns 27,070 shares of the technology company’s stock worth $192,000 after acquiring an additional 1,935 shares during the last quarter. Concord Wealth Partners grew its position in Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after purchasing an additional 1,992 shares during the last quarter. US Bancorp DE increased its stake in shares of Lumen Technologies by 18.6% in the third quarter. US Bancorp DE now owns 15,012 shares of the technology company’s stock valued at $107,000 after purchasing an additional 2,350 shares during the period. Xponance Inc. boosted its position in shares of Lumen Technologies by 4.0% during the second quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after buying an additional 2,487 shares during the period. Finally, Arkadios Wealth Advisors grew its holdings in Lumen Technologies by 23.6% in the 3rd quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company’s stock worth $95,000 after buying an additional 2,554 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Trading Up 18.4 %

The firm has a 50-day moving average of $6.32 and a 200 day moving average of $3.60. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. The stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of -4.19 and a beta of 1.21.

About Lumen Technologies

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.