Lumen Technologies (NYSE:LUMN) Sets New 12-Month High Following Better-Than-Expected Earnings

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shares hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock 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.

The technology company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.07. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.21 billion. During the same period in the prior year, the company earned ($0.09) earnings per share. The firm's revenue was down 11.5% compared to the same quarter last year.

Analysts Set New Price Targets

Several research firms recently commented on LUMN. Moffett Nathanson raised their target price on Lumen Technologies from $1.00 to $3.00 and gave the company a "sell" rating in a research report on Wednesday, August 7th. The Goldman Sachs Group increased their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a "neutral" rating in a research report on Wednesday. Wells Fargo & Company lowered shares of Lumen Technologies from an "equal weight" rating to an "underweight" rating and upped their price target for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. TD Cowen dropped their target price on Lumen Technologies from $7.00 to $6.00 and set a "hold" rating on the stock in a report on Wednesday. Finally, UBS Group increased their price target on Lumen Technologies from $1.50 to $5.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $4.02.

Insider Buying and Selling

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of the company's stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the acquisition, the director now directly 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.68% of the company's stock.

Institutional Investors Weigh In On Lumen Technologies

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

Lumen Technologies Trading Up 18.4 %

The company's 50 day moving average is $6.32 and its 200 day moving average is $3.60. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. 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.