Insider Buying: Lumen Technologies (NYSE:LUMN) Director Purchases 25,000 Shares of Company Stock

Lumen Technologies, Inc. (NYSE:LUMN) Director Michelle Goldberg purchased 25,000 shares of Lumen Technologies stock in a transaction dated Friday, November 6th. The shares were bought at an average price of $3.91 per share, with a total value of $97,750.00. Following the completion of the transaction, the director owned 101,591 shares in the company, valued at approximately $397,220.81. This trade represents a 32.64% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Lumen Technologies Trading Up 8.3%

Shares of NYSE:LUMN traded up $0.33 during trading on Monday, hitting $4.32. 23,077,021 shares of the stock were exchanged, compared to its average volume of 13,796,060. The company has a fifty day moving average price of $5.58 and a two-hundred day moving average price of $7.15. The company has a market cap of $4.46 billion, a PE ratio of -4.24 and a beta of 1.94. Lumen Technologies, Inc. has a 12-month low of $3.84 and a 12-month high of $11.39.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Wednesday, November 4th. The technology company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.09. The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.73 billion. Equities research analysts anticipate that Lumen Technologies, Inc. will post -0.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

LUMN has been the subject of a number of recent research reports. Citigroup lowered their price target on shares of Lumen Technologies from $8.25 to $5.50 and set a “neutral” rating for the company in a report on Friday. JPMorgan Chase & Co. lowered their price target on Lumen Technologies from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday. Moffett Nathanson raised Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 price objective on the stock in a research note on Friday, October 30th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Ten investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $6.19.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Lazard Asset Management LLC lifted its holdings in Lumen Technologies by 1.7% in the first quarter. Lazard Asset Management LLC now owns 78,690 shares of the technology company’s stock worth $547,000 after acquiring an additional 1,294 shares during the last quarter. Citizens Financial Group Inc. RI grew its holdings in shares of Lumen Technologies by 13.6% during the first quarter. Citizens Financial Group Inc. RI now owns 12,174 shares of the technology company’s stock valued at $85,000 after purchasing an additional 1,457 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in shares of Lumen Technologies by 1.0% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 177,950 shares of the technology company’s stock valued at $1,367,000 after purchasing an additional 1,700 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Lumen Technologies by 90.3% during the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock worth $30,000 after purchasing an additional 1,860 shares during the period. Finally, HB Wealth Management LLC raised its position in shares of Lumen Technologies by 15.8% during the 2nd quarter. HB Wealth Management LLC now owns 15,472 shares of the technology company’s stock worth $119,000 after purchasing an additional 2,114 shares during the period. 66.19% of the stock is owned by institutional investors and hedge funds.

About Lumen Technologies

Lumen Technologies is a telecommunications and technology company that provides network and digital services primarily to businesses, government agencies, and wholesale customers. Its offerings include fiber and internet connectivity, private networking, voice and collaboration services, cloud connectivity, and managed security solutions.

The company serves customers across North America and in international markets through its fiber network and related technology platforms. Lumen has shifted its focus toward enterprise services in recent years, including after selling consumer and local-exchange operations in several states.

Lumen was known as CenturyLink until adopting its current name in 2020.