FORA Capital LLC Takes Position in Lumen Technologies, Inc. (NYSE:LUMN)

FORA Capital LLC bought a new position in Lumen Technologies, Inc. (NYSE:LUMN) during the 3rd quarter, HoldingsChannel reports. The fund bought 409,689 shares of the technology company’s stock, valued at approximately $2,909,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LUMN. Sawgrass Asset Management LLC increased its stake in shares of Lumen Technologies by 68.5% during the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after buying an additional 9,263 shares during the period. Sanctuary Advisors LLC bought a new position in Lumen Technologies in the second quarter worth about $25,000. ANTIPODES PARTNERS Ltd purchased a new stake in Lumen Technologies in the second quarter worth about $26,000. Concord Wealth Partners boosted its position in Lumen Technologies by 98.8% during the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after acquiring an additional 1,992 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new position in shares of Lumen Technologies during the 2nd quarter worth approximately $33,000. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Trading Down 2.2 %

Shares of Lumen Technologies stock traded down $0.17 on Wednesday, reaching $7.48. The company’s stock had a trading volume of 1,577,651 shares, compared to its average volume of 19,662,654. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05. Lumen Technologies, Inc. has a 52 week low of $0.97 and a 52 week high of $10.33. The firm’s fifty day simple moving average is $7.18 and its two-hundred day simple moving average is $4.32.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. Lumen Technologies’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) EPS. On average, sell-side analysts predict that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Bank of America upped their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research report on Thursday, August 8th. The Goldman Sachs Group boosted their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Moffett Nathanson raised their price objective on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. UBS Group boosted their target price on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, TD Cowen reduced their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $4.02.

Insider Transactions at Lumen Technologies

In other news, Director James Fowler purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost 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. This represents a 2.67 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.68% of the company’s stock.

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.