Lumen Technologies, Inc. (NYSE:LUMN) Sees Large Growth in Short Interest

Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) saw a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 153,400,000 shares, an increase of 6.4% from the February 13th total of 144,110,000 shares. Based on an average trading volume of 28,990,000 shares, the days-to-cover ratio is presently 5.3 days. Approximately 15.5% of the shares of the company are short sold.

Lumen Technologies Stock Down 0.4 %

Shares of NYSE LUMN opened at $2.48 on Friday. Lumen Technologies has a 52-week low of $2.37 and a 52-week high of $12.54. The business’s 50 day moving average is $4.32 and its two-hundred day moving average is $5.98. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.96. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of -1.57 and a beta of 1.04.

Lumen Technologies (NYSE:LUMN – Get Rating) last posted its earnings results on Tuesday, February 7th. The technology company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.12 by $0.31. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.79 billion. Lumen Technologies had a positive return on equity of 13.17% and a negative net margin of 8.86%. Lumen Technologies’s revenue for the quarter was down 21.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 earnings per share. Research analysts predict that Lumen Technologies will post 0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

LUMN has been the subject of a number of recent research reports. Morgan Stanley reduced their price objective on Lumen Technologies from $6.00 to $2.50 and set an “underweight” rating for the company in a research note on Monday, March 13th. TheStreet cut Lumen Technologies from a “c” rating to a “d” rating in a report on Tuesday, February 7th. Citigroup cut Lumen Technologies from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $6.25 to $3.50 in a report on Wednesday, February 8th. Finally, The Goldman Sachs Group decreased their price objective on Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Wednesday, February 8th. Three equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $5.50.

Hedge Funds Weigh In On Lumen Technologies

Several large investors have recently bought and sold shares of LUMN. Arrowstreet Capital Limited Partnership boosted its stake in Lumen Technologies by 289.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 21,507,098 shares of the technology company’s stock valued at $112,267,000 after acquiring an additional 15,989,152 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Lumen Technologies in the fourth quarter valued at about $63,655,000. AQR Capital Management LLC increased its holdings in Lumen Technologies by 32,449.8% in the fourth quarter. AQR Capital Management LLC now owns 11,525,887 shares of the technology company’s stock valued at $60,165,000 after buying an additional 11,490,477 shares in the last quarter. Norges Bank purchased a new position in Lumen Technologies in the fourth quarter valued at about $33,324,000. Finally, Jupiter Asset Management Ltd. purchased a new position in shares of Lumen Technologies during the 4th quarter worth approximately $22,775,000. Institutional investors and hedge funds own 76.03% of the company’s stock.

Lumen Technologies Company Profile

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Lumen Technologies, Inc is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the following segments: Business and Mass Markets. Business segment provides products and services under four sales channels to enterprise and commercial customers.