Lumen Technologies Inc. shares sold off sharply in the wake of earnings, but the telecommunication company’s chief executive has been buying. CEO Kate Johnson scooped up 1 million Lumen shares
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.
Johnson’s 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’s session, the day of Johnson’s purchasing, though they ended that session at $1.06 and then moved higher Friday as well, to close the week at $1.12. After buying the latest batch of stock, Johnson now owns over 5.1 million Lumen shares directly, according to Friday’s filing. “Kate’s decision to purchase shares speaks to her confidence in the long-term potential of Lumen and her commitment to our success,” a Lumen spokesperson said in a statement. Johnson took over as Lumen’s 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.