Gainplan LLC Buys Shares of 12,148 Lumen Technologies, Inc. $LUMN

Gainplan LLC bought a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 12,148 shares of the technology company’s stock, valued at approximately $53,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its stake in Lumen Technologies by 132.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company’s stock valued at $26,000 after purchasing an additional 3,391 shares during the period. Conning Inc. acquired a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $39,000. OneDigital Investment Advisors LLC acquired a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $41,000. Meeder Advisory Services Inc. acquired a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $41,000. Finally, Ritholtz Wealth Management acquired a new stake in shares of Lumen Technologies in the 1st quarter worth approximately $43,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Stock Down 3.4%

LUMN stock opened at $6.92 on Wednesday. Lumen Technologies, Inc. has a 52-week low of $3.01 and a 52-week high of $10.33. The company’s 50 day simple moving average is $5.12 and its 200-day simple moving average is $4.40. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13. The firm has a market capitalization of $7.10 billion, a P/E ratio of -5.86 and a beta of 1.45.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.21. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.11 billion. During the same quarter in the previous year, the business earned ($0.13) earnings per share. The firm’s revenue was down 5.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on LUMN shares. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. The Goldman Sachs Group upped their price target on shares of Lumen Technologies from $4.10 to $4.60 and gave the stock a “neutral” rating in a research note on Friday, October 3rd. Citigroup upped their price target on shares of Lumen Technologies from $6.00 to $7.50 and gave the stock a “buy” rating in a research note on Thursday, September 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a report on Saturday, September 27th. Finally, BNP Paribas upgraded shares of Lumen Technologies to a “hold” rating in a report on Wednesday, June 25th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.39.

Insider Buying and Selling

In related news, CEO Kathleen E. Johnson acquired 135,870 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased at an average cost of $3.69 per share, with a total value of $501,360.30. Following the completion of the transaction, the chief executive officer owned 9,616,947 shares of the company’s stock, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Christopher Stansbury acquired 40,000 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were bought at an average cost of $4.44 per share, for a total transaction of $177,600.00. Following the completion of the transaction, the chief financial officer directly owned 535,000 shares of the company’s stock, valued at $2,375,400. This represents a 8.08% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 217,870 shares of company stock worth $859,140 in the last 90 days. 2.30% of the stock is owned by company insiders.

Lumen Technologies 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.