Lumen Technologies (NYSE:LUMN) Trading 7.7% Higher – Here’s Why

Shares of Lumen Technologies, Inc. (NYSE:LUMN) shot up 7.7% during trading on Tuesday . The company traded as high as $5.00 and last traded at $4.96. 6,643,124 shares were traded during trading, a decline of 45% from the average session volume of 11,981,886 shares. The stock had previously closed at $4.60.

Wall Street Analyst Weigh In

A number of research firms have commented on LUMN. Citigroup lifted their price objective on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. TD Cowen reduced their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their price objective 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. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $4.25 price objective on shares of Lumen Technologies in a research report on Monday, February 10th. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat, Lumen Technologies has an average rating of “Hold” and a consensus target price of $4.66.

Lumen Technologies Stock Performance

The stock’s 50-day moving average price is $5.38 and its 200-day moving average price is $6.17. The company has a market cap of $4.76 billion, a P/E ratio of -93.88 and a beta of 1.28. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. Equities analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Concord Wealth Partners raised its stake in Lumen Technologies by 98.8% during the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after acquiring an additional 1,992 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Lumen Technologies during the third quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Lumen Technologies during the third quarter worth about $36,000. Smartleaf Asset Management LLC raised its stake in Lumen Technologies by 173.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company’s stock worth $36,000 after acquiring an additional 4,277 shares in the last quarter. Finally, Lazard Asset Management LLC increased its stake in shares of Lumen Technologies by 3,825.7% in the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company’s stock valued at $39,000 after buying an additional 7,307 shares during the period. Institutional investors and hedge funds 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.