Lumen Technologies (NYSE:LUMN) Shares Up 4.5% - Still a Buy?

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shares were up 4.5% during mid-day trading on Wednesday . The stock traded as high as $6.26 and last traded at $6.26. Approximately 1,973,735 shares traded hands during trading, a decline of 90% from the average daily volume of 19,202,723 shares. The stock had previously closed at $5.99.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. The Goldman Sachs Group increased their price target on Lumen Technologies from $4.50 to $5.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Citigroup increased their price objective on Lumen Technologies from $6.50 to $8.00 and gave the company a "neutral" rating in a report on Friday, November 29th. Finally, TD Cowen lowered their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a "hold" rating on the stock in a report on Wednesday, November 6th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $4.71.

Lumen Technologies Price Performance

The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The company has a market capitalization of $5.88 billion, a P/E ratio of -2.67 and a beta of 1.21. The company has a 50 day moving average price of $7.15 and a 200 day moving average price of $4.94.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.04). The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The company's revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.09) earnings per share. On average, equities analysts predict that Lumen Technologies, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

A number of large investors have recently made changes to their positions in the company. 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 in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Lumen Technologies in the third quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Lumen Technologies in the third quarter valued at about $36,000. Allspring Global Investments Holdings LLC bought a new position in Lumen Technologies during the third quarter worth about $46,000. Finally, GAMMA Investing LLC raised its stake in Lumen Technologies by 1,901.8% in the 3rd quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company's stock worth $49,000 after purchasing an additional 6,504 shares in the last quarter. Institutional investors own 66.19% of the company's stock.

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.