Internally there is a long stem that operates a lever valve which is under ground. Which opens & closes as you pull open the handle, and push to close the handle.
The connection at that Rodney some sort, either at the valve or the handle has broke.
it might be able to be located? For repair, if not, it might be time to spend another $50 - $125 or so for another one. There are so many varieties and qualities. I personally would try for the repair, as the repair kits are FAR less expensive. You just have to dig it up and remove it. Then once repaired, reinstall. Just remember: Turn the Main Off.
here is an example of what a repair kit looks like...
Simmons Mfg 850SB Yard Hydrant Parts Kit