Short Interest in Lumen Technologies, Inc. (NYSE:LUMN) Decreases By 25.6%

Lumen Technologies, Inc. (NYSE:LUMN) was the target of a significant decline in short interest in January. As of January 30th, there was short interest totaling 47,193,849 shares, a decline of 25.6% from the January 15th total of 63,424,358 shares. Based on an average daily trading volume, of 12,848,278 shares, the days-to-cover ratio is presently 3.7 days. Currently, 4.7% of the company’s stock are sold short. Currently, 4.7% of the company’s stock are sold short. Based on an average daily trading volume, of 12,848,278 shares, the days-to-cover ratio is presently 3.7 days.

Insiders Place Their Bets

In other Lumen Technologies news, CEO Kathleen E. Johnson acquired 78,685 shares of Lumen Technologies stock in a transaction that occurred on Thursday, February 5th. The stock was purchased at an average cost of $6.35 per share, with a total value of $499,649.75. Following the purchase, the chief executive officer owned 8,562,582 shares in the company, valued at approximately $54,372,395.70. The trade was a 0.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of Lumen Technologies

Hedge funds have recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D grew its stake in shares of 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 acquiring an additional 43,711 shares in the last quarter. Bryce Point Capital LLC bought a new stake in Lumen Technologies in the 2nd quarter valued at about $169,000. Credit Capital Investments LLC grew its position in shares of Lumen Technologies by 150.0% during the 2nd quarter. Credit Capital Investments LLC now owns 150,000 shares of the technology company’s stock worth $657,000 after purchasing an additional 90,000 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Lumen Technologies by 10.5% in the second quarter. Prudential Financial Inc. now owns 1,099,473 shares of the technology company’s stock valued at $4,816,000 after buying an additional 104,362 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in shares of Lumen Technologies by 8.5% in the second quarter. Allianz Asset Management GmbH now owns 9,520,500 shares of the technology company’s stock valued at $41,700,000 after buying an additional 748,185 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LUMN. Royal Bank Of Canada upped their price objective on shares of Lumen Technologies from $4.25 to $8.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 25th. The Goldman Sachs Group upped their price target on Lumen Technologies from $5.50 to $7.25 and gave the stock a “neutral” rating in a research note on Wednesday, February 4th. Raymond James Financial reissued a “market perform” rating on shares of Lumen Technologies in a research report on Wednesday, February 4th. Zacks Research upgraded Lumen Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Finally, Citigroup reduced their target price on shares of Lumen Technologies from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.88.

Lumen Technologies Stock Up 4.8%

NYSE LUMN traded up $0.39 on Friday, hitting $8.39. 15,177,528 shares of the company were exchanged, compared to its average volume of 16,111,139. Lumen Technologies has a 1-year low of $3.01 and a 1-year high of $11.95. The firm has a 50 day moving average of $8.12 and a two-hundred day moving average of $7.18.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, February 3rd. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.44. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 14.02%.The business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter last year, the business earned $0.09 earnings per share. The firm’s quarterly revenue was down 8.7% compared to the same quarter last year. On average, research analysts expect that Lumen Technologies will post -0.87 earnings per share for the current fiscal year.

Lumen Technologies Company Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.