Lumen Technologies (NYSE:LUMN) stock is taking a beating on Thursday following a massive block trade that took place overnight.
According to recent reports, Credit Suisse handled a sale of 25 million shares from an unknown seller. This saw the firm pricing these shares at $12.65, which is well below yesterday’s closing price of $13.28 per share.
That massive share movement at a discounted price from yesterday’s close easily explains why shares of LUMN stock are slipping today. It pulls down the price as it harms investor confidence and it’s dragging the stock below the $12.65 pricing of the block sale.
To go along with that, investors are seeing heavy trading of LUMN stock today. As of this writing, more than 23 million shares of the company’s stock have changed hands. That’s well above its daily average trading volume of around 10.7 million shares.
Lumen Technologies is an American telecommunications company based out of Monroe, La. Its business includes offering communications, network services, security, cloud solutions, voice, and managed services to customers.
Other recent news concerning the company is a decision to sell a large portion of its telecom business. The company plans to sell off $7.5 billion worth of its business in a deal that will close later this year. It’s possible this deal could also be spooking investors away from LUMN stock today.
LUMN stock is down 7.7% as of Thursday afternoon.
Investors looking for more of the latest stock market news will want to stick around!
InvestorPlace has all the most recent stock coverage that traders need to know about for Thursday! A few examples of that include Virgin Galactic (NYSE:SPCE) not doing so hot, BTCS (NASDAQ:BTCS) announcing crypto dividends, as well as Coinbase (NASDAQ:COIN) revealing FairX acquisition plans. Investors can learn all about these matters for themselves by checking out the following links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.