Lumen Technologies (NYSE:LUMN) Director Acquires 25,000 Shares of Stock

Lumen Technologies, Inc. (NYSE:LUMN) Director Michelle Goldberg bought 25,000 shares of the company’s stock in a transaction on Friday, November 6th. The stock was bought at an average cost of $3.91 per share, for a total transaction of $97,750.00. Following the completion of the transaction, the director directly owned 101,591 shares of the company’s stock, valued at $397,220.81. This trade represents a 32.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Lumen Technologies Stock Up 8.3%

LUMN stock traded up $0.33 during mid-day trading on Monday, reaching $4.32. The company had a trading volume of 23,077,021 shares, compared to its average volume of 13,796,060. Lumen Technologies, Inc. has a one year low of $3.84 and a one year high of $11.39. The stock has a market capitalization of $4.46 billion, a P/E ratio of -4.24 and a beta of 1.94. The stock’s 50-day simple moving average is $5.58 and its two-hundred day simple moving average is $7.15.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Wednesday, November 4th. The technology company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.09. The firm had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.73 billion. On average, research analysts forecast that Lumen Technologies, Inc. will post -0.54 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on LUMN shares. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Moffett Nathanson upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 target price on the stock in a research report on Friday, October 30th. Wells Fargo & Company cut their target price on Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating on the stock in a research note on Thursday. TD Cowen reduced their price target on Lumen Technologies from $9.00 to $8.00 and set a “hold” rating for the company in a research report on Thursday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Ten equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $6.19.

Institutional Trading of Lumen Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc raised its holdings in Lumen Technologies by 90.3% during the second quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock worth $30,000 after purchasing an additional 1,860 shares in the last quarter. Ascentis Independent Advisors acquired a new position in shares of Lumen Technologies in the 1st quarter valued at $27,000. Trust Asset Management LLC purchased a new position in shares of Lumen Technologies in the second quarter worth approximately $34,000. Triumph Capital Management raised its stake in Lumen Technologies by 2,110.2% during the 2nd quarter. Triumph Capital Management now owns 5,614 shares of the technology company’s stock valued at $43,000 after purchasing an additional 5,360 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in Lumen Technologies during the second quarter valued at $45,000. 66.19% of the stock is currently owned by institutional investors.

About Lumen Technologies

Lumen Technologies is a telecommunications and technology company that provides network and digital services primarily to businesses, government agencies, and wholesale customers. Its offerings include fiber and internet connectivity, private networking, voice and collaboration services, cloud connectivity, and managed security solutions.

The company serves customers across North America and in international markets through its fiber network and related technology platforms. Lumen has shifted its focus toward enterprise services in recent years, including after selling consumer and local-exchange operations in several states.

Lumen was known as CenturyLink until adopting its current name in 2020.