Lumen Technologies (NYSE:LUMN) Shares Gap Down to $6.70

Lumen Technologies, Inc. (NYSE:LUMN)’s share price gapped down prior to trading on Friday . The stock had previously closed at $6.70, but opened at $6.40. Lumen Technologies shares last traded at $6.76, with a volume of 2,947,620 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have weighed in on LUMN shares. Moffett Nathanson raised their price target on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. TD Cowen boosted their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Bank of America raised their price target on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $4.02.

Lumen Technologies Trading Down 1.9 %

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of -0.62 and a beta of 1.18. The company has a fifty day moving average price of $4.41 and a 200-day moving average price of $2.40.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The firm had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. Lumen Technologies’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share. As a group, research analysts expect that Lumen Technologies, Inc. will post -0.17 EPS for the current year.

Insider Activity

In related news, Director James Fowler acquired 10,000 shares of Lumen Technologies stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the transaction, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

A number of hedge funds have recently made changes to their positions in the company. Quadrature Capital Ltd acquired a new stake in shares of Lumen Technologies in the first quarter valued at about $468,000. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Lumen Technologies by 22.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock worth $3,198,000 after purchasing an additional 401,399 shares during the last quarter. Palestra Capital Management LLC grew its position in shares of Lumen Technologies by 71.0% in 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. State Board of Administration of Florida Retirement System increased its holdings in shares of Lumen Technologies by 247.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 1,143,468 shares of the technology company’s stock valued at $1,784,000 after purchasing an additional 814,474 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Lumen Technologies by 4.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 827,518 shares of the technology company’s stock worth $1,291,000 after buying an additional 36,559 shares in the last quarter. Institutional investors and hedge funds 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.