Lumen Technologies, Inc. (NYSE:LUMN – Get Free Report) was the recipient of some unusual options trading activity on Friday. Stock traders bought 30,776 call options on the stock. This is an increase of approximately 58% compared to the average daily volume of 19,470 call options.
Analysts Set New Price Targets
LUMN has been the topic of several recent research reports. Citigroup decreased their price target on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. Wells Fargo & Company cut their price objective on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a research report on Wednesday, August 5th. The Goldman Sachs Group decreased their target price on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Finally, Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Nine analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Lumen Technologies currently has a consensus rating of “Reduce” and a consensus price target of $7.86.
Check Out Our Latest Analysis on Lumen Technologies
Lumen Technologies Price Performance
Lumen Technologies (NYSE:LUMN – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.74 billion. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period last year, the company earned ($0.03) earnings per share. On average, sell-side analysts anticipate that Lumen Technologies will post -0.52 earnings per share for the current fiscal year.
Insider Activity at Lumen Technologies
In other Lumen Technologies news, CEO Kathleen Johnson acquired 100,000 shares of the stock in a transaction dated Thursday, August 6th. The shares were purchased at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the purchase, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at approximately $613,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 2.30% of the stock is owned by insiders.
Hedge Funds Weigh In On Lumen Technologies
A number of hedge funds have recently made changes to their positions in LUMN. Kemnay Advisory Services Inc. bought a new stake in Lumen Technologies during the 4th quarter valued at approximately $25,000. International Assets Investment Management LLC bought a new position in Lumen Technologies in the 4th quarter worth approximately $30,000. Versant Capital Management Inc grew its holdings in Lumen Technologies by 90.3% during the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock valued at $30,000 after buying an additional 1,860 shares in the last quarter. Ascentis Independent Advisors bought a new stake in shares of Lumen Technologies during the first quarter valued at approximately $27,000. Finally, Trust Asset Management LLC purchased a new position in shares of Lumen Technologies in the second quarter worth $34,000. Institutional investors own 66.19% of the company’s stock.
About Lumen Technologies
Lumen Technologies, Inc (NYSE: LUMN) is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.
The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.
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