Lumen Technologies (NYSE:LUMN) Shares Gap Down to $6.12

Lumen Technologies, Inc. (NYSE:LUMN) shares gapped down before the market opened on Tuesday . The stock had previously closed at $6.12, but opened at $5.70. Lumen Technologies shares last traded at $5.40, with a volume of 8,550,566 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on LUMN. The Goldman Sachs Group upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the company from $1.00 to $4.00 in a research note on Wednesday, August 7th. TD Cowen boosted their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Moffett Nathanson boosted their target price on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.74.

Lumen Technologies Price Performance

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

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter in the previous year, the company posted $0.10 EPS. The company’s quarterly revenue was down 10.7% on a year-over-year basis. Research analysts anticipate that Lumen Technologies, Inc. will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Lumen Technologies

A number of institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in shares of Lumen Technologies by 28.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,304,001 shares of the technology company’s stock valued at $48,136,000 after purchasing an additional 5,782,249 shares in the last quarter. Palestra Capital Management LLC grew its position in shares of Lumen Technologies by 71.0% during the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock valued at $20,437,000 after purchasing an additional 4,637,585 shares in the last quarter. Millennium Management LLC grew its position in shares of Lumen Technologies by 129.8% during the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after purchasing an additional 4,436,710 shares in the last quarter. Front Street Capital Management Inc. grew its position in shares of Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after purchasing an additional 2,697,423 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Lumen Technologies by 1.7% during the first quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock valued at $187,673,000 after purchasing an additional 1,975,400 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

About Lumen Technologies

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.