Lumen Technologies (NYSE:LUMN) Shares Down 10.1%

Lumen Technologies, Inc. (NYSE:LUMN)’s share price dropped 10.1% on Tuesday . The company traded as low as $5.19 and last traded at $5.50. Approximately 12,705,126 shares changed hands during trading, a decline of 37% from the average daily volume of 20,310,582 shares. The stock had previously closed at $6.12.

Analyst Ratings Changes

Several analysts have issued reports on the stock. TD Cowen increased their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Moffett Nathanson increased their price objective on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. The Goldman Sachs Group upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $1.00 to $4.00 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Finally, UBS Group boosted their price objective on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Four research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, Lumen Technologies has an average rating of “Hold” and an average target price of $3.74.

Lumen Technologies Price Performance

The firm has a 50-day moving average price of $2.92 and a 200 day moving average price of $1.94. The stock has a market capitalization of $5.43 billion, a P/E ratio of -0.49 and a beta of 1.14. The company has a debt-to-equity ratio of 36.89, a quick ratio of 1.03 and a current ratio of 1.03.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.07). Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.25 billion. During the same period last year, the business posted $0.10 earnings per share. The company’s revenue was down 10.7% compared to the same quarter last year. On average, analysts expect that Lumen Technologies, Inc. will post -0.23 EPS for the current year.

Institutional Investors Weigh In On Lumen Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cerity Partners LLC lifted its position in Lumen Technologies by 60.5% in the fourth quarter. Cerity Partners LLC now owns 33,944 shares of the technology company’s stock valued at $62,000 after purchasing an additional 12,794 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Lumen Technologies by 7.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 188,638 shares of the technology company’s stock valued at $345,000 after buying an additional 12,411 shares during the period. Handelsbanken Fonder AB grew its holdings in Lumen Technologies by 25.9% in the 4th quarter. Handelsbanken Fonder AB now owns 139,400 shares of the technology company’s stock worth $255,000 after acquiring an additional 28,700 shares during the last quarter. Yousif Capital Management LLC increased its position in shares of Lumen Technologies by 9.1% in the fourth quarter. Yousif Capital Management LLC now owns 775,742 shares of the technology company’s stock valued at $1,420,000 after acquiring an additional 64,490 shares during the period. Finally, Choreo LLC bought a new position in shares of Lumen Technologies during the fourth quarter valued at about $177,000. Institutional investors own 66.19% of the company’s stock.

Lumen Technologies Company Profile

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.