Lumen Technologies (NYSE:LUMN) Shares Gap Up on Strong Earnings

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.04, but opened at $5.49. Lumen Technologies shares last traded at $5.04, with a volume of 3,010,712 shares changing hands.

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%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $4.25 target price (up previously from $4.00) on shares of Lumen Technologies in a report on Friday, December 20th. Citigroup increased their price objective on shares of Lumen Technologies from $6.50 to $8.00 and gave the company a "neutral" rating in a report on Friday, November 29th. The Goldman Sachs Group boosted their target price on Lumen Technologies from $4.50 to $5.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Finally, TD Cowen reduced 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, November 6th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $4.66.

Institutional Trading of Lumen Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Stephens Inc. AR boosted 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 buying an additional 1,935 shares during the period. Concord Wealth Partners boosted 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 acquiring an additional 1,992 shares during the period. US Bancorp DE grew its position in Lumen Technologies by 18.6% in the 3rd quarter. US Bancorp DE now owns 15,012 shares of the technology company's stock valued at $107,000 after acquiring an additional 2,350 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Lumen Technologies by 20.3% during the fourth quarter. Los Angeles Capital Management LLC now owns 14,760 shares of the technology company's stock worth $78,000 after purchasing an additional 2,489 shares during the period. Finally, Arkadios Wealth Advisors boosted its stake in shares of Lumen Technologies by 23.6% in the third quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company's stock valued at $95,000 after purchasing an additional 2,554 shares during the period. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Stock Down 0.7 %

The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The business's fifty day moving average is $5.71 and its two-hundred day moving average is $6.04.

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.