Lumen Technologies (NYSE:LUMN) Trading 1.6% Higher - Time to Buy?

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shares shot up 1.6% during mid-day trading on Wednesday . The stock traded as high as $6.36 and last traded at $6.28. 1,134,413 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 19,885,037 shares. The stock had previously closed at $6.18.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on LUMN shares. TD Cowen raised their price objective on Lumen Technologies from $2.50 to $7.00 and gave the company a "hold" rating in a research note on Wednesday, August 7th. The Goldman Sachs Group raised their target price on Lumen Technologies from $4.00 to $4.50 and gave the company a "neutral" rating in a research note on Friday, October 4th. Wells Fargo & Company cut shares of Lumen Technologies from an "equal weight" rating to an "underweight" rating and upped their price objective for the stock from $1.75 to $4.00 in a report on Friday, August 16th. Moffett Nathanson raised their price target on Lumen Technologies from $1.00 to $3.00 and gave the company a "sell" rating in a report on Wednesday, August 7th. Finally, Bank of America upped their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an "underperform" rating in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $4.09.

Lumen Technologies Stock Up 1.1 %

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. The business's 50-day simple moving average is $6.06 and its 200 day simple moving average is $3.07. The firm has a market cap of $6.34 billion, a PE ratio of -0.57 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the prior year, the firm posted $0.10 earnings per share. The business's revenue for the quarter was down 10.7% compared to the same quarter last year. As a group, equities research analysts expect that Lumen Technologies, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the transaction, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LUMN. Millennium Management LLC lifted its position in shares of Lumen Technologies by 129.8% during the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company's stock valued at $8,640,000 after buying an additional 4,436,710 shares in the last quarter. Front Street Capital Management Inc. lifted its holdings in Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company's stock valued at $12,827,000 after purchasing an additional 2,697,423 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Lumen Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company's stock valued at $187,673,000 after purchasing an additional 1,975,400 shares during the period. AQR Capital Management LLC increased its stake in shares of Lumen Technologies by 52.5% during the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company's stock worth $3,712,000 after purchasing an additional 1,246,289 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in shares of Lumen Technologies by 364.0% during the 2nd quarter. Squarepoint Ops LLC now owns 766,281 shares of the technology company's stock worth $843,000 after purchasing an additional 1,056,551 shares during the last quarter. Institutional investors and hedge funds own 66.19% of the company's stock.

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.