Lumen Technologies (NYSE:LUMN) Shares Up 8.7% – Still a Buy?

Shares of Lumen Technologies, Inc. (NYSE:LUMN) were up 8.7% during trading on Tuesday . The company traded as high as $8.78 and last traded at $9.0150. Approximately 2,112,241 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 14,312,231 shares. The stock had previously closed at $8.29.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on LUMN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research report on Wednesday, October 8th. Royal Bank Of Canada raised their price objective on Lumen Technologies from $4.25 to $8.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 25th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 9th. Citigroup lowered Lumen Technologies from a “buy” rating to a “neutral” rating and set a $11.00 price target on the stock. in a research note on Friday, October 31st. Finally, The Goldman Sachs Group increased their target price on shares of Lumen Technologies from $4.10 to $4.60 and gave the stock a “neutral” rating in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.72.

Lumen Technologies Price Performance

The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. The stock has a 50 day moving average of $7.95 and a 200-day moving average of $5.70. The company has a market cap of $9.33 billion, a PE ratio of -7.69 and a beta of 1.45.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Friday, January 27th. The technology company reported $0.49 earnings per share (EPS) for the quarter. The firm had revenue of $4.05 billion during the quarter. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. Equities analysts predict that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Institutional Investors Weigh In On Lumen Technologies

Hedge funds have recently bought and sold shares of the stock. State of New Jersey Common Pension Fund D increased its holdings in Lumen Technologies by 9.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 490,480 shares of the technology company’s stock valued at $2,148,000 after buying an additional 43,711 shares in the last quarter. Bryce Point Capital LLC acquired a new stake in shares of Lumen Technologies during the 2nd quarter valued at about $169,000. Credit Capital Investments LLC increased its stake in shares of Lumen Technologies by 150.0% in the 2nd quarter. Credit Capital Investments LLC now owns 150,000 shares of the technology company’s stock valued at $657,000 after purchasing an additional 90,000 shares in the last quarter. Strs Ohio acquired a new position in Lumen Technologies in the 1st quarter worth about $1,073,000. Finally, Woodline Partners LP purchased a new position in Lumen Technologies during the first quarter worth approximately $5,006,000. Hedge funds and other 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.