AIGH Capital Management LLC Acquires Shares of 2,550,000 Lumen Technologies, Inc. $LUMN

AIGH Capital Management LLC acquired a new position in Lumen Technologies, Inc. (NYSE:LUMN) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,550,000 shares of the technology company’s stock, valued at approximately $15,606,000. Lumen Technologies makes up approximately 4.4% of AIGH Capital Management LLC’s investment portfolio, making the stock its 10th biggest holding.

Several other large investors have also recently made changes to their positions in LUMN. Norges Bank bought a new position in Lumen Technologies in the 2nd quarter worth about $47,923,000. Curi Capital LLC bought a new stake in shares of Lumen Technologies during the 2nd quarter valued at about $14,144,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Lumen Technologies in the third quarter worth approximately $18,439,000. Canada Pension Plan Investment Board purchased a new position in shares of Lumen Technologies during the 2nd quarter worth $8,151,000. Finally, Jupiter Asset Management Ltd. grew its holdings in Lumen Technologies by 162.3% during the second quarter. Jupiter Asset Management Ltd. now owns 2,786,366 shares of the technology company’s stock valued at $12,204,000 after purchasing an additional 1,724,088 shares during the period. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Trading Down 4.0%

Shares of NYSE:LUMN opened at $8.57 on Friday. The company has a market capitalization of $8.78 billion, a PE ratio of -5.19 and a beta of 1.46. The business has a 50 day moving average of $8.12 and a two-hundred day moving average of $6.78. Lumen Technologies, Inc. has a 12-month low of $3.01 and a 12-month high of $11.95.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Thursday, October 30th. The technology company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.11. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.04 billion. Lumen Technologies had a negative net margin of 13.02% and a negative return on equity of 158.40%. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.13) EPS. Equities research analysts predict that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

LUMN has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 9th. Zacks Research upgraded Lumen Technologies from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. The Goldman Sachs Group boosted their target price on shares of Lumen Technologies from $4.10 to $4.60 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Finally, Royal Bank Of Canada increased their price objective on Lumen Technologies from $4.25 to $8.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 25th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.72.

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.