Lumen Technologies (NYSE:LUMN) Trading 9.2% Higher – Should You Buy?

Lumen Technologies, Inc. (NYSE:LUMN) shot up 9.2% during mid-day trading on Wednesday . The stock traded as high as $5.89 and last traded at $5.80. 2,117,478 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 7,538,880 shares. The stock had previously closed at $5.31.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.25 price objective (up from $4.00) on shares of Lumen Technologies in a report on Friday, December 20th. Citigroup increased their target price on Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. Finally, TD Cowen decreased their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.66.

Lumen Technologies Price Performance

The company has a market cap of $5.68 billion, a PE ratio of -2.58 and a beta of 1.21. The firm’s 50-day moving average is $6.80 and its 200-day moving average is $5.56. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The firm’s revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.09) EPS. On average, equities analysts anticipate that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On Lumen Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of LUMN. Hennessy Advisors Inc. bought a new position in Lumen Technologies during the fourth quarter valued at approximately $45,089,000. Millennium Management LLC raised its stake in 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 during the last quarter. Front Street Capital Management Inc. lifted its holdings in shares of Lumen Technologies by 30.1% during the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after buying an additional 2,697,423 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Lumen Technologies by 1,081.0% in the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock worth $16,819,000 after buying an additional 2,168,325 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in Lumen Technologies during the third quarter valued at $10,062,000. Institutional investors 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.