Lumen Technologies (NYSE:LUMN) Releases Earnings Results, Beats Estimates By $0.07 EPS

Lumen Technologies (NYSE:LUMN) announced its quarterly earnings data on Tuesday. The technology company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.07, Briefing.com reports. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. Lumen Technologies’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) EPS.

Lumen Technologies Trading Up 18.4 %

Lumen Technologies stock traded up $1.40 during mid-day trading on Wednesday, hitting $9.01. 44,072,898 shares of the stock were exchanged, compared to its average volume of 19,933,201. The firm’s fifty day simple moving average is $6.32 and its two-hundred day simple moving average is $3.60. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51. Lumen Technologies has a 12 month low of $0.97 and a 12 month high of $9.20. The stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of -4.19 and a beta of 1.21.

Insider Transactions at Lumen Technologies

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $4.70 per share, with a total value of $47,000.00. Following the transaction, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.68% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on LUMN shares. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Bank of America boosted their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. TD Cowen cut their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday. Wells Fargo & Company cut Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $1.75 to $4.00 in a report on Friday, August 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday. Three investment 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 currently has an average rating of “Hold” and an average target price of $4.02.

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.