Lumen Technologies (NYSE:LUMN) Shares Gap Down to $1.10

Lumen Technologies, Inc. (NYSE:LUMN) gapped down prior to trading on Monday . The stock had previously closed at $1.10, but opened at $1.05. Lumen Technologies shares last traded at $0.99, with a volume of 2,199,315 shares trading hands.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group began coverage on Lumen Technologies in a research note on Monday. They set a “sell” rating and a $1.00 target price for the company.

Lumen Technologies Stock Performance

The company has a market capitalization of $1.09 billion, a PE ratio of -0.10 and a beta of 1.15. The stock’s 50-day simple moving average is $1.22 and its 200 day simple moving average is $1.44. The company has a debt-to-equity ratio of 36.89, a quick ratio of 1.03 and a current ratio of 1.03.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, April 30th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.01). Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the company posted $0.10 earnings per share. The company’s revenue was down 12.0% compared to the same quarter last year. As a group, research analysts expect that Lumen Technologies, Inc. will post -0.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Kathleen E. Johnson bought 750,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average cost of $1.28 per share, with a total value of $960,000.00. Following the transaction, the chief executive officer now directly owns 7,756,290 shares of the company’s stock, valued at approximately $9,928,051.20. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in LUMN. Charles Schwab Investment Management Inc. increased its holdings in shares of Lumen Technologies by 28.2% in the 4th 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 period. Palestra Capital Management LLC grew its position in Lumen Technologies by 71.0% during the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock worth $20,437,000 after buying an additional 4,637,585 shares during the period. Vanguard Group Inc. lifted its position in shares of Lumen Technologies by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 117,400,489 shares of the technology company’s stock valued at $166,709,000 after acquiring an additional 2,404,674 shares during the period. Front Street Capital Management Inc. grew its holdings in shares of Lumen Technologies by 30.9% in the 1st quarter. Front Street Capital Management Inc. now owns 8,963,689 shares of the technology company’s stock worth $13,983,000 after acquiring an additional 2,114,866 shares during the period. Finally, Federated Hermes Inc. increased its stake in Lumen Technologies by 798.6% in the 4th quarter. Federated Hermes Inc. now owns 1,438,386 shares of the technology company’s stock valued at $2,632,000 after purchasing an additional 1,278,319 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

About Lumen Technologies

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.