Lumen Technologies (NYSE:LUMN) Shares Gap Up Following Earnings Beat

Lumen Technologies, Inc. (NYSE:LUMNGet Free Report)’s stock price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $1.35, but opened at $1.52. Lumen Technologies shares last traded at $1.48, with a volume of 3,779,532 shares changing hands.

The technology company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.11. Lumen Technologies had a negative net margin of 70.74% and a positive return on equity of 3.74%. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.45 billion. During the same quarter last year, the business earned $0.43 EPS. The business’s revenue was down 7.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several research firms have issued reports on LUMN. UBS Group dropped their target price on Lumen Technologies from $2.50 to $1.50 and set a “neutral” rating on the stock in a research report on Thursday, November 2nd. The Goldman Sachs Group reduced their target price on Lumen Technologies from $3.00 to $1.50 and set a “neutral” rating for the company in a report on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $1.81.

Check Out Our Latest Research Report on Lumen Technologies

Hedge Funds Weigh In On Lumen Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Guardian Capital LP raised its position in shares of Lumen Technologies by 53.5% during the 4th quarter. Guardian Capital LP now owns 22,145 shares of the technology company’s stock worth $41,000 after purchasing an additional 7,717 shares during the last quarter. Gratus Capital LLC acquired a new stake in shares of Lumen Technologies during the fourth quarter valued at $42,000. Versor Investments LP boosted its stake in shares of Lumen Technologies by 19.5% during the fourth quarter. Versor Investments LP now owns 290,920 shares of the technology company’s stock valued at $532,000 after acquiring an additional 47,520 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Lumen Technologies by 28.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,304,001 shares of the technology company’s stock valued at $48,136,000 after acquiring an additional 5,782,249 shares during the last quarter. Finally, Natixis Advisors L.P. acquired a new stake in shares of Lumen Technologies during the fourth quarter valued at $244,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Trading Up 3.4 %

The business’s 50-day moving average price is $1.56 and its two-hundred day moving average price is $1.50. The company has a debt-to-equity ratio of 8.90, a current ratio of 1.19 and a quick ratio of 1.19. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of -0.14 and a beta of 1.01.

Lumen Technologies Company Profile

(Get Free Report)

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets.

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