Lumen Technologies (NYSE:LUMN) Trading 6% Higher

Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shot up 6% during trading on Thursday . The company traded as high as $1.42 and last traded at $1.42. 4,341,639 shares were traded during trading, a decline of 62% from the average session volume of 11,508,195 shares. The stock had previously closed at $1.34.

Analyst Upgrades and Downgrades

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

Lumen Technologies Stock Up 1.1 %

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 company has a market capitalization of $1.38 billion, a P/E ratio of -0.12 and a beta of 1.15. The stock has a 50-day moving average price of $1.19 and a 200-day moving average price of $1.39.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Tuesday, April 30th. The technology company reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.01). The business 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 company's revenue for the quarter was down 12.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.10 earnings per share. On average, research analysts predict that Lumen Technologies, Inc. will post -0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson acquired 750,000 shares of the firm's stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average price 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 in the company, valued at approximately $9,928,051.20. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 1.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumen Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Strategies Wealth Advisors LLC purchased a new position in shares of Lumen Technologies during the fourth quarter valued at approximately $26,000. Brighton Jones LLC purchased a new position in shares of Lumen Technologies during the fourth quarter valued at approximately $27,000. HighPoint Advisor Group LLC purchased a new position in shares of Lumen Technologies during the fourth quarter valued at approximately $27,000. Fidelis Capital Partners LLC boosted its position in shares of Lumen Technologies by 94.6% during the first quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company's stock valued at $35,000 after buying an additional 10,764 shares during the last quarter. Finally, Guardian Capital LP boosted its position in shares of Lumen Technologies by 53.5% during the fourth quarter. Guardian Capital LP now owns 22,145 shares of the technology company's stock valued at $41,000 after buying an additional 7,717 shares during 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.