Lumen Technologies (NYSE:LUMN) stock is rising higher on Monday after the technology and communications company revealed insider buying from Chief Financial Officer Christopher Stansbury.
Stansbury just bought up 500,000 shares of LUMN stock for a total price of $549,450. These shares were purchased at an average price of $1.0989 each.
Joining the CFO in the stock purchase is CEO Kathleen Johnson. The company’s leader picked up 1 million shares of LUMN stock for an average price of 97 cents per share. That saw the executive spend about $970,000 to acquire those shares.
Other recent news investors need to know about is Lumen Technologies announcing a new batch of layoffs. That has it cutting about 4% of its workforce, which will result in annual savings of about $300 million.
What This Means for LUMN Stock
Investors are taking all of this recent news as a positive sign for Lumen Technologies. Leaders purchasing shares is typically a morale booster, and trimming its headcount to save costs is another win for investors in the company.
As far as stock movement goes today, around 14.9 million shares of the stock have changed hands as of this writing. That’s closing in on its daily average trading volume of about 17.4 million shares.
LUMN stock is up 4.5% as of Monday morning.
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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.