{"id":9564,"date":"2023-11-04T13:05:19","date_gmt":"2023-11-04T13:05:19","guid":{"rendered":"https:\/\/infundpros.com\/investment\/lumen-ceo-buys-nearly-1-million-in-stock-after-historic-selloff\/"},"modified":"2023-11-04T13:05:20","modified_gmt":"2023-11-04T13:05:20","slug":"lumen-ceo-buys-nearly-1-million-in-stock-after-historic-selloff","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9564","title":{"rendered":"Lumen CEO buys nearly $1 million in stock after historic selloff"},"content":{"rendered":"
\n

Lumen Technologies Inc. shares sold off sharply in the wake of earnings, but the telecommunication company\u2019s chief executive has been buying.<\/p>\n

CEO Kate Johnson scooped up 1 million Lumen shares
\n LUMN,
\n +5.66%<\/bg-quote>
\n Thursday at an average price of 97 cents, spending $970,000 on the purchase, according to a filing with the Securities and Exchange Commission released Friday.<\/p>\n

\n

Johnson\u2019s buying spree came on the heels of a historic selloff in Lumen shares Wednesday, as the stock fell 32.9% to 98 cents and clinched its largest single-day percentage decline on record. Shares touched as low as 78 cents in Thursday\u2019s session, the day of Johnson\u2019s purchasing, though they ended that session at $1.06 and then moved higher Friday as well, to close the week at $1.12.<\/p>\n

After buying the latest batch of stock, Johnson now owns over 5.1 million Lumen shares directly, according to Friday\u2019s filing.<\/p>\n

Lumen didn\u2019t immediately respond to a MarketWatch request for comment on the stock purchase. <\/p>\n

Johnson took over as Lumen\u2019s CEO about a year ago and has been tasked with steering a turnaround for the company, which provides networking, cloud storage and more. Shares have tumbled 81% over the past year and 91% over the past two years. <\/p>\n

The company, once known as CenturyLink, announced a new credit agreement earlier this week and disclosed that it planned to scale back fiber investments and headcount. <\/p>\n

Analysts still aren\u2019t sold on the company\u2019s attempt at a transition.<\/p>\n

\u201cAlthough we like the improved liquidity position and effort to invest and return to growth at Lumen, we expect continued pressure on fundamentals in 2023 and 2024 due to multiple years of under-investing in the Enterprise asset base and rising competition from fiber overbuilders, [fixed-wireless access], and cable to pressure mass-market revenue at the same time as Lumen has scaled back on its build,\u201d JPMorgan\u2019s Philip Cusick wrote Wednesday.<\/p>\n

He rates the stock at underweight, saying that he\u2019s \u201cskeptical on shares as revenue declines continue, leverage inches higher, and the company attempts to execute an unproven and very capital-intensive strategy.\u201d<\/p>\n

MoffettNathanson\u2019s Nick Del Deo was similarly cautious in light of revenue pressures seen again in the latest quarter. \u201cNet net, it\u2019s the top line that strikes us as most important: Absent better top-line performance, it\u2019s hard to make the rest of the model work,\u201d he wrote late Tuesday, while sticking with his sell rating and $1 target.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lumen Technologies Inc. shares sold off sharply in the wake of earnings, but the telecommunication company\u2019s chief executive has been buying. CEO…<\/p>\n","protected":false},"author":1,"featured_media":9565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-9564","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nLumen CEO buys nearly $1 million in stock after historic selloff | inFundPros<\/title>\n<meta name=\"description\" content=\"Lumen Technologies Inc. shares sold off sharply in the wake of earnings, but the telecommunication company\u2019s chief executive has been buying. 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