Lumen Technologies (NYSE:LUMN) Shares Gap Up – Still a Buy?

Shares of Lumen Technologies, Inc. (NYSE:LUMN) gapped up before the market opened on Wednesday . The stock had previously closed at $4.44, but opened at $4.89. Lumen Technologies shares last traded at $4.86, with a volume of 3,943,086 shares traded.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on LUMN. Citigroup raised Lumen Technologies from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $8.00 to $6.50 in a research report on Wednesday. TD Cowen decreased their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. 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. The Goldman Sachs Group lifted their target price on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company upgraded Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target on the stock in a research note on Friday, February 21st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.59.

Lumen Technologies Price Performance

The company has a 50-day moving average of $5.27 and a 200 day moving average of $6.17. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. The firm has a market cap of $4.89 billion, a P/E ratio of -96.68 and a beta of 1.28.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of LUMN. Concord Wealth Partners increased its holdings in Lumen Technologies by 98.8% during the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after purchasing an additional 1,992 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Lumen Technologies in the third quarter valued at $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Lumen Technologies in the third quarter valued at about $36,000. Allspring Global Investments Holdings LLC acquired a new position in Lumen Technologies during the 3rd quarter worth about $46,000. Finally, Smartleaf Asset Management LLC grew its holdings in Lumen Technologies by 173.3% during the 4th 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 during the last quarter. 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.