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

by · The Cerbat Gem

Lumen Technologies (NYSE:LUMN – Get Free Report) posted its earnings results on Tuesday. The technology company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.07, Briefing.com reports. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The firm’s revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.09) EPS.

Lumen Technologies Stock Performance

NYSE:LUMN traded up $1.41 during trading hours on Wednesday, reaching $9.02. The stock had a trading volume of 51,057,367 shares, compared to its average volume of 19,965,688. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50 day simple moving average of $6.32 and a 200 day simple moving average of $3.60. Lumen Technologies has a 12-month low of $0.97 and a 12-month high of $9.20. The stock has a market cap of $9.17 billion, a P/E ratio of -4.19 and a beta of 1.21.

Analyst Ratings Changes

LUMN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company cut Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $1.75 to $4.00 in a research note on Friday, August 16th. The Goldman Sachs Group increased their price target on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday. UBS Group raised their target price on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Moffett Nathanson raised their target price on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $4.02.

Read Our Latest Analysis on Lumen Technologies

Insiders Place Their Bets

In other news, Director James Fowler bought 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the transaction, the director now directly owns 384,056 shares of the company’s stock, valued at $1,805,063.20. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.68% of the company’s stock.

About Lumen Technologies

(Get Free Report)

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.

Recommended Stories