Lumen Technologies (NYSE:LUMN) Trading 4.5% Higher – Still a Buy?

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on LUMN. The Goldman Sachs Group boosted their price objective on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Citigroup boosted their price target on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Finally, TD Cowen reduced their price objective 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 research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, Lumen Technologies has an average rating of “Hold” and a consensus price target of $4.71.

Lumen Technologies Stock 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 firm’s fifty day moving average price is $7.14 and its 200-day moving average price is $4.95. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of -2.79 and a beta of 1.21.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.21 billion. During the same quarter in the prior year, the company earned ($0.09) EPS. The business’s revenue was down 11.5% on a year-over-year basis. Analysts expect that Lumen Technologies, Inc. will post -0.38 earnings per share for the current year.

Institutional Trading of Lumen Technologies

Large investors have recently bought and sold shares of the business. Franklin Resources Inc. increased its holdings in shares of Lumen Technologies by 66.8% in the third quarter. Franklin Resources Inc. now owns 560,793 shares of the technology company’s stock valued at $3,982,000 after purchasing an additional 224,506 shares during the period. Virtu Financial LLC acquired a new position in Lumen Technologies in the 3rd quarter valued at $473,000. Neo Ivy Capital Management purchased a new position in Lumen Technologies during the 3rd quarter worth $570,000. Coldstream Capital Management Inc. acquired a new stake in shares of Lumen Technologies in the 3rd quarter worth $125,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Lumen Technologies by 1.7% in the third quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company’s stock valued at $165,776,000 after acquiring an additional 383,693 shares in the last quarter. Institutional investors and hedge funds 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.