Lumen Technologies (NYSE:LUMN) Shares Gap Up to $1.94

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $1.94, but opened at $2.02. Lumen Technologies shares last traded at $2.12, with a volume of 8,181,302 shares.

Analyst Ratings Changes

Separately, The Goldman Sachs Group assumed coverage on shares of Lumen Technologies in a research note on Monday, July 1st. They issued a "sell" rating and a $1.00 price target on the stock.

Lumen Technologies Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 36.89. The business has a 50 day simple moving average of $1.23 and a two-hundred day simple moving average of $1.38. The firm has a market cap of $2.71 billion, a PE ratio of -0.24 and a beta of 1.15.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The technology company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.01). The business had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.38 billion. Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. Lumen Technologies's revenue was down 12.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.10 EPS. As a group, equities research analysts forecast that Lumen Technologies, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Activity at Lumen Technologies

In related news, CEO Kathleen E. Johnson bought 750,000 shares of the company's stock in a transaction on Thursday, May 2nd. The stock was bought at an average cost of $1.28 per share, for a total transaction of $960,000.00. Following the acquisition, the chief executive officer now directly owns 7,756,290 shares in the company, valued at $9,928,051.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lumen Technologies

A number of hedge funds have recently modified their holdings of LUMN. Brighton Jones LLC acquired a new position in Lumen Technologies during the 4th quarter worth about $27,000. HighPoint Advisor Group LLC acquired a new stake in shares of Lumen Technologies during the 4th quarter worth about $27,000. Fidelis Capital Partners LLC raised its position in shares of Lumen Technologies by 94.6% during the 1st quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company's stock worth $35,000 after acquiring an additional 10,764 shares in the last quarter. Guardian Capital LP raised its position in shares of Lumen Technologies by 53.5% during the 4th quarter. Guardian Capital LP now owns 22,145 shares of the technology company's stock worth $41,000 after acquiring an additional 7,717 shares in the last quarter. Finally, ORG Partners LLC grew its stake in Lumen Technologies by 54.0% during the 4th quarter. ORG Partners LLC now owns 22,580 shares of the technology company's stock worth $41,000 after buying an additional 7,920 shares during the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

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.