Lumen (NYSE: LUMN) stock posted explosive gains in Thursday's trading. The telecom company's share price closed out the daily session up 10.1%, according to data from S&P Global Market Intelligence.
Lumen soared today following a new disclosure filing that was submitted to the Securities and Exchange Commission (SEC). The filing showed that an investor named Daniel Hagan now owns a large position in the company. Hagan is not a widely known public figure or a household name in the investing world, so why did the recent filing trigger such a big valuation increase for the stock?
Through the filing with the SEC yesterday, it was revealed that Hagan owned 55 million shares of Lumen, working out to 5.4% of the company's common stock. When investors or institutions come to own 5% of a company's stock, they must file a disclosure of their position. This suggests that Hagan has acquired a large amount of Lumen stock lately.
Source Fool.com