Lumen Technologies Sees Unusually High Options Volume (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN) was the target of unusually large options trading on Monday. Investors purchased 78,615 call options on the stock. This is an increase of 39% compared to the typical daily volume of 56,695 call options.

Lumen Technologies Price Performance

LUMN traded down $0.13 during trading on Monday, reaching $6.61. 49,006,727 shares of the company traded hands, compared to its average volume of 19,980,738. Lumen Technologies has a 12-month low of $0.78 and a 12-month high of $7.83. The firm has a fifty day simple moving average of $6.10 and a 200 day simple moving average of $3.14. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $6.71 billion, a P/E ratio of -0.61 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the prior year, the firm posted $0.10 earnings per share. The business’s revenue was down 10.7% on a year-over-year basis. On average, equities analysts forecast that Lumen Technologies will post -0.18 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LUMN. UBS Group boosted their price objective on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Moffett Nathanson lifted their price objective on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and increased their target price for the stock from $1.25 to $3.15 in a report on Tuesday, August 6th. Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $1.75 to $4.00 in a report on Friday, August 16th. Finally, Bank of America increased their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $4.09.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the purchase, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Lumen Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after acquiring an additional 1,975,400 shares in the last quarter. Front Street Capital Management Inc. lifted its position in Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after purchasing an additional 2,697,423 shares during the last quarter. Renaissance Technologies LLC lifted its position in Lumen Technologies by 11.6% during the second quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after purchasing an additional 919,300 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Lumen Technologies by 129.8% in the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after buying an additional 4,436,710 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Lumen Technologies by 52.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock valued at $3,712,000 after buying an additional 1,246,289 shares in the last quarter. 66.19% of the stock is owned by institutional investors.

Lumen Technologies Company Profile

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.