Lumen Technologies (NYSE:LUMN) Shares Gap Up Following Better-Than-Expected Earnings

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.04, but opened at $5.49. Lumen Technologies shares last traded at $5.04, with a volume of 3,010,712 shares changing hands.

The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Lumen Technologies

Several large investors have recently modified their holdings of LUMN. Sanctuary Advisors LLC purchased a new position in Lumen Technologies in the 2nd quarter worth about $25,000. Concord Wealth Partners raised its position in Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after buying an additional 1,992 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in Lumen Technologies in the 3rd quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Lumen Technologies during the 3rd quarter valued at about $36,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Lumen Technologies during the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Down 3.3 %

The stock has a market cap of $4.95 billion, a PE ratio of -2.32 and a beta of 1.28. 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 company’s 50-day moving average price is $5.85 and its 200 day moving average price is $6.00.

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.