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

Lumen Technologies, Inc. (NYSE:LUMN) was the recipient of some unusual options trading activity on Thursday. Traders acquired 26,085 put options on the company. This is an increase of 35% compared to the average daily volume of 19,320 put options.

Insiders Place Their Bets

In related news, CEO Kathleen E. Johnson acquired 100,000 shares of the stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $6.13 per share, with a total value of $613,000.00. Following the purchase, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at approximately $613,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of LUMN. Crossmark Global Holdings Inc. grew its holdings in Lumen Technologies by 2.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 61,599 shares of the technology company’s stock worth $479,000 after purchasing an additional 1,230 shares during the last quarter. Lazard Asset Management LLC raised its stake in Lumen Technologies by 1.7% in the first quarter. Lazard Asset Management LLC now owns 78,690 shares of the technology company’s stock valued at $547,000 after buying an additional 1,294 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in Lumen Technologies by 4.6% in the first quarter. Fifth Third Wealth Advisors LLC now owns 31,875 shares of the technology company’s stock worth $222,000 after acquiring an additional 1,393 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of Lumen Technologies by 7.3% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 20,821 shares of the technology company’s stock worth $162,000 after acquiring an additional 1,417 shares during the last quarter. Finally, Citizens Financial Group Inc. RI increased its holdings in shares of Lumen Technologies by 13.6% during the first quarter. Citizens Financial Group Inc. RI now owns 12,174 shares of the technology company’s stock valued at $85,000 after acquiring an additional 1,457 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Trading Down 3.2%

Shares of NYSE LUMN traded down $0.21 during mid-day trading on Thursday, reaching $6.59. The company had a trading volume of 5,008,644 shares, compared to its average volume of 13,523,687. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of -6.46 and a beta of 1.78. Lumen Technologies has a 52 week low of $4.57 and a 52 week high of $11.95. The business’s 50-day moving average is $6.50 and its 200-day moving average is $7.57.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.03) EPS. As a group, equities research analysts forecast that Lumen Technologies will post -0.52 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on LUMN. JPMorgan Chase & Co. increased their price target on Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a report on Monday, May 11th. TD Cowen lifted their price target on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Citigroup reduced their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. The Goldman Sachs Group dropped their target price on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research report on Wednesday, August 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Nine research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $7.86.

Lumen Technologies Company Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.