Traders Buy Large Volume of Put Options on Lumen Technologies (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN) was the target of unusually large options trading activity on Thursday. Stock investors bought 64,701 put options on the stock. This represents an increase of 44% compared to the average daily volume of 44,843 put options.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on LUMN. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $1.75 to $4.00 in a report on Friday, August 16th. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. The Goldman Sachs Group upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and upped their target price for the stock from $1.00 to $4.00 in a research note on Wednesday, August 7th. Moffett Nathanson raised their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Finally, TD Cowen upped their price objective on Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, Lumen Technologies currently has an average rating of “Hold” and an average price target of $4.02.

Insiders Place Their Bets

In other news, Director James Fowler bought 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought 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 in the company, valued at approximately $1,805,063.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.68% of the stock is currently owned by company insiders.

Institutional Trading of Lumen Technologies

Several institutional investors have recently made changes to their positions in the business. HighPoint Advisor Group LLC purchased a new position in Lumen Technologies during the fourth quarter valued at $27,000. Sanctuary Advisors LLC bought a new position in shares of Lumen Technologies during the 2nd quarter valued at about $25,000. Fidelis Capital Partners LLC grew its position in shares of Lumen Technologies by 94.6% during the first quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock valued at $35,000 after purchasing an additional 10,764 shares in the last quarter. Guardian Capital LP increased its holdings in shares of Lumen Technologies by 53.5% in the fourth 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. Finally, Sawgrass Asset Management LLC lifted its position in shares of Lumen Technologies by 68.5% in the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after buying an additional 9,263 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Trading Up 6.2 %

Shares of LUMN stock opened at $5.84 on Friday. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $5.93 billion, a price-to-earnings ratio of -0.53 and a beta of 1.14. Lumen Technologies has a 1 year low of $0.78 and a 1 year high of $7.83. The firm has a fifty day moving average price of $3.51 and a 200-day moving average price of $2.12.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The company had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.10 earnings per share. As a group, equities analysts predict that Lumen Technologies will post -0.17 earnings per share for the current year.

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.