Investors Purchase High Volume of Lumen Technologies Call Options (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 69,145 call options on the stock. This represents an increase of approximately 122% compared to the average daily volume of 31,206 call options.

Institutional Investors Weigh In On Lumen Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Quadrature Capital Ltd acquired a new stake in shares of Lumen Technologies in the first quarter worth $468,000. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Lumen Technologies by 22.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock worth $3,198,000 after purchasing an additional 401,399 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Lumen Technologies by 798.6% in the fourth quarter. Federated Hermes Inc. now owns 1,438,386 shares of the technology company’s stock worth $2,632,000 after buying an additional 1,278,319 shares during the period. Palestra Capital Management LLC grew its stake in shares of Lumen Technologies by 71.0% in the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock valued at $20,437,000 after buying an additional 4,637,585 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in Lumen Technologies by 247.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 1,143,468 shares of the technology company’s stock worth $1,784,000 after acquiring an additional 814,474 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on LUMN. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their target price for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. The Goldman Sachs Group raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $1.00 to $4.00 in a research note on Wednesday, August 7th. UBS Group raised their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Finally, Bank of America increased their price target on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.53.

Lumen Technologies Price Performance

Shares of NYSE:LUMN traded up $0.73 on Wednesday, hitting $5.74. The company had a trading volume of 48,567,327 shares, compared to its average volume of 19,956,111. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 36.89. The company has a market cap of $5.83 billion, a PE ratio of -0.48 and a beta of 1.14. Lumen Technologies has a 52-week low of $0.78 and a 52-week high of $7.83. The business has a 50 day moving average of $1.89 and a 200 day moving average of $1.60.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The firm’s revenue was down 10.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 EPS. As a group, equities analysts anticipate that Lumen Technologies will post -0.23 earnings per share for the current fiscal year.

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.