Lumen Technologies (NYSE:LUMN) Trading 9.3% Higher – Should You Buy?

Shares of Lumen Technologies, Inc. (NYSE:LUMN) rose 9.3% on Thursday . The company traded as high as $10.20 and last traded at $10.2750. Approximately 3,268,548 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 13,423,628 shares. The stock had previously closed at $9.40.

Wall Street Analyst Weigh In

LUMN has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their price objective on Lumen Technologies from $5.50 to $7.25 and gave the company a “neutral” rating in a research note on Wednesday, February 4th. JPMorgan Chase & Co. increased their target price on Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a research note on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Tuesday, April 21st. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, May 3rd. Finally, Wells Fargo & Company increased their target price on Lumen Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Ten research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $7.91.

Lumen Technologies Trading Up 12.2%

The firm has a fifty day simple moving average of $7.62 and a 200 day simple moving average of $8.10. The stock has a market cap of $10.86 billion, a price-to-earnings ratio of -6.08 and a beta of 1.65.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.34). The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.83 billion. The firm’s quarterly revenue was down 8.9% on a year-over-year basis. During the same period last year, the business posted ($0.13) earnings per share. On average, equities analysts expect that Lumen Technologies, Inc. will post -0.39 earnings per share for the current year.

Insider Activity

In related news, Director Diankha Linear sold 45,000 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $7.89, for a total transaction of $355,050.00. Following the sale, the director directly owned 198,229 shares in the company, valued at $1,564,026.81. This represents a 18.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in LUMN. UMB Bank n.a. boosted its holdings in Lumen Technologies by 49.1% in the 3rd quarter. UMB Bank n.a. now owns 4,105 shares of the technology company’s stock worth $25,000 after buying an additional 1,351 shares during the period. Kemnay Advisory Services Inc. bought a new stake in shares of Lumen Technologies during the 4th quarter valued at $25,000. Ascentis Independent Advisors bought a new stake in shares of Lumen Technologies in the 1st quarter valued at about $27,000. International Assets Investment Management LLC bought a new stake in shares of Lumen Technologies in the 4th quarter valued at about $30,000. Finally, Fifth Third Bancorp raised its holdings in shares of Lumen Technologies by 24.5% in the 3rd quarter. Fifth Third Bancorp now owns 5,343 shares of the technology company’s stock valued at $33,000 after purchasing an additional 1,051 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Company Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.