Lumen Technologies (NYSE:LUMN) Stock Price Up 9.2% – Should You Buy?

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LUMN. The Goldman Sachs Group lifted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock 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 research report on Friday, December 20th. Citigroup boosted their price objective on shares of Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. Finally, TD Cowen cut their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $4.66.

Lumen Technologies Stock Down 0.4 %

The firm’s 50-day simple moving average is $6.66 and its 200 day simple moving average is $5.56. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a market capitalization of $5.61 billion, a P/E ratio of -2.55 and a beta of 1.28.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Crossmark Global Holdings Inc. acquired a new position in shares of Lumen Technologies during the 3rd quarter worth about $433,000. Quantbot Technologies LP acquired a new position in shares of Lumen Technologies during the 3rd quarter worth about $733,000. Congress Asset Management Co. acquired a new position in shares of Lumen Technologies during the 3rd quarter worth about $2,592,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Lumen Technologies by 9.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company’s stock worth $23,184,000 after purchasing an additional 294,679 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of Lumen Technologies by 267.4% during the 2nd quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock worth $260,000 after purchasing an additional 172,040 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Company Profile

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.