Lumen Technologies (NYSE:LUMN) Stock Price Up 6.5% – Still a Buy?

Lumen Technologies, Inc. (NYSE:LUMN) shares shot up 6.5% on Wednesday . The company traded as high as $6.78 and last traded at $6.7970. 4,248,517 shares were traded during trading, a decline of 69% from the average session volume of 13,505,430 shares. The stock had previously closed at $6.38.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on LUMN. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Wells Fargo & Company reduced their price objective on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a research note on Wednesday, August 5th. The Goldman Sachs Group lowered their target price on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. increased their price target on Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Nine equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $7.86.

Lumen Technologies Stock Performance

The stock’s 50 day moving average price is $6.47 and its 200 day moving average price is $7.56. The company has a market capitalization of $7.16 billion, a P/E ratio of -6.80 and a beta of 1.78.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. Lumen Technologies’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS. On average, analysts expect that Lumen Technologies, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen Johnson acquired 100,000 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were bought at an average cost of $6.13 per share, with a total value of $613,000.00. Following the purchase, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at $613,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Lumen Technologies

A number of hedge funds have recently added to or reduced their stakes in LUMN. Kemnay Advisory Services Inc. bought a new position in shares of Lumen Technologies during the 4th quarter worth approximately $25,000. Ascentis Independent Advisors acquired a new position in shares of Lumen Technologies during the 1st quarter valued at $27,000. International Assets Investment Management LLC bought a new position in Lumen Technologies during the fourth quarter worth $30,000. Versant Capital Management Inc boosted its stake 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 acquiring an additional 1,860 shares in the last quarter. Finally, Trust Asset Management LLC acquired a new stake in Lumen Technologies in the second quarter worth $34,000. 66.19% of the stock is currently owned by institutional investors.

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.