Lumen Technologies Sees Unusually Large Options Volume (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) was the recipient of some unusual options trading activity on Friday. Stock investors purchased 28,327 call options on the company. This is an increase of 347% compared to the average daily volume of 6,334 call options.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group began coverage on Lumen Technologies in a report on Monday, July 1st. They issued a "sell" rating and a $1.00 price objective for the company.

Lumen Technologies Stock Up 7.9 %

Lumen Technologies stock traded up $0.13 during trading hours on Friday, reaching $1.77. The stock had a trading volume of 18,337,611 shares, compared to its average volume of 11,881,318. The company has a market cap of $1.80 billion, a price-to-earnings ratio of -0.16 and a beta of 1.15. The company has a debt-to-equity ratio of 36.89, a current ratio of 1.03 and a quick ratio of 1.03. The business's 50 day moving average price is $1.21 and its 200-day moving average price is $1.38. Lumen Technologies has a 52 week low of $0.78 and a 52 week high of $2.08.

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

Insider Activity

In other news, CEO Kathleen E. Johnson acquired 750,000 shares of the firm's stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average cost of $1.28 per share, for a total transaction of $960,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 7,756,290 shares of the company's stock, valued at approximately $9,928,051.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.68% of the company's stock.

Hedge Funds Weigh In On Lumen Technologies

A number of large investors have recently added to or reduced their stakes in LUMN. Charles Schwab Investment Management Inc. increased its holdings in shares of Lumen Technologies by 28.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,304,001 shares of the technology company's stock valued at $48,136,000 after acquiring an additional 5,782,249 shares in the last quarter. Palestra Capital Management LLC increased its holdings in shares of Lumen Technologies by 71.0% during the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company's stock valued at $20,437,000 after acquiring an additional 4,637,585 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Lumen Technologies by 2.1% during the third quarter. Vanguard Group Inc. now owns 117,400,489 shares of the technology company's stock valued at $166,709,000 after acquiring an additional 2,404,674 shares in the last quarter. Front Street Capital Management Inc. increased its holdings in shares of Lumen Technologies by 30.9% during the first quarter. Front Street Capital Management Inc. now owns 8,963,689 shares of the technology company's stock valued at $13,983,000 after acquiring an additional 2,114,866 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Lumen Technologies by 798.6% during the fourth quarter. Federated Hermes Inc. now owns 1,438,386 shares of the technology company's stock valued at $2,632,000 after acquiring an additional 1,278,319 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors.

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.

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