Lumen Technologies Target of Unusually Large Options Trading (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN) was the recipient of unusually large options trading on Tuesday. Stock traders purchased 76,979 put options on the stock. This represents an increase of 49% compared to the typical volume of 51,559 put options.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of Lumen Technologies stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the acquisition, the director now directly owns 384,056 shares of the company’s stock, valued at $1,805,063.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.68% of the company’s stock.

Institutional Trading of Lumen Technologies

A number of large investors have recently added to or reduced their stakes in the company. Sawgrass Asset Management LLC boosted its position in Lumen Technologies by 68.5% during the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after purchasing an additional 9,263 shares during the period. Sanctuary Advisors LLC acquired a new stake in Lumen Technologies in the 2nd quarter worth about $25,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Lumen Technologies in the second quarter valued at approximately $26,000. HighPoint Advisor Group LLC acquired a new position in Lumen Technologies in the fourth quarter valued at about $27,000. Finally, Fifth Third Wealth Advisors LLC bought a new stake in Lumen Technologies during the second quarter worth $33,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Stock Up 1.0 %

NYSE:LUMN traded up $0.07 on Tuesday, hitting $7.35. 11,672,069 shares of the company’s stock were exchanged, compared to its average volume of 20,628,965. The firm has a 50-day moving average price of $4.64 and a 200-day moving average price of $2.48. Lumen Technologies has a 52 week low of $0.78 and a 52 week high of $7.83. 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 $7.46 billion, a P/E ratio of -0.67 and a beta of 1.18.

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

Analysts Set New Price Targets

LUMN has been the subject of several recent research reports. Bank of America boosted their price objective on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. UBS Group raised their price objective on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price target for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company lowered Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.02.

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.