Lumen Technologies (NYSE:LUMN) Sets New 1-Year High on Analyst Upgrade

Lumen Technologies, Inc. (NYSE:LUMN) reached a new 52-week high during mid-day trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $4.50 to $5.00. The Goldman Sachs Group currently has a neutral rating on the stock. Lumen Technologies traded as high as $7.83 and last traded at $7.68, with a volume of 4309542 shares traded. The stock had previously closed at $7.61.

LUMN has been the subject of a number of other reports. Moffett Nathanson upped their target price on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price target for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. TD Cowen upped their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Bank of America lifted their price objective on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research report on Thursday, August 8th. Finally, UBS Group raised their target price on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $4.02.

Insider Activity at Lumen Technologies

In related news, Director James Fowler purchased 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the transaction, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.68% of the stock is owned by company insiders.

Institutional Trading of Lumen Technologies

A number of large investors have recently added to or reduced their stakes in LUMN. Vanguard Group Inc. increased its stake in shares of Lumen Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after purchasing an additional 1,975,400 shares during the last quarter. Front Street Capital Management Inc. increased its position in Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after buying an additional 2,697,423 shares during the last quarter. Renaissance Technologies LLC raised its stake in Lumen Technologies by 11.6% in the second quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after buying an additional 919,300 shares during the period. Millennium Management LLC lifted its position in shares of Lumen Technologies by 129.8% in the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after buying an additional 4,436,710 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Lumen Technologies by 52.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock worth $3,712,000 after acquiring an additional 1,246,289 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Trading Up 1.8 %

The business has a 50 day moving average of $6.47 and a two-hundred day moving average of $3.67. The firm has a market cap of $9.34 billion, a P/E ratio of -4.37 and a beta of 1.21. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.09) earnings per share. Analysts predict that Lumen Technologies, Inc. will post -0.59 earnings per share for the current year.

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.