Lumen Technologies (NYSE:LUMN) Trading Down 4.2%

Shares of Lumen Technologies, Inc. (NYSE:LUMN) traded down 4.2% during trading on Tuesday . The stock traded as low as $6.75 and last traded at $6.80. 2,571,379 shares were traded during mid-day trading, a decline of 87% from the average session volume of 20,447,295 shares. The stock had previously closed at $7.10.

Wall Street Analysts Forecast Growth

LUMN has been the subject of a number of recent research reports. UBS Group increased their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. The Goldman Sachs Group upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and increased their target price for the stock from $1.00 to $4.00 in a research note on Wednesday, August 7th. Moffett Nathanson upped their price objective on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, TD Cowen boosted their target price on Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, Lumen Technologies has a consensus rating of “Hold” and an average target price of $4.02.

Lumen Technologies Stock Performance

The stock’s 50-day moving average is $5.21 and its 200 day moving average is $2.67. The stock has a market cap of $6.61 billion, a price-to-earnings ratio of -0.61 and a beta of 1.18. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01.

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 negative net margin of 15.06% and a negative return on equity of 18.52%. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same period in the prior year, the business earned $0.10 earnings per share. The firm’s quarterly revenue was down 10.7% compared to the same quarter last year. As a group, analysts predict that Lumen Technologies, Inc. will post -0.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James Fowler purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the acquisition, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On Lumen Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. HighPoint Advisor Group LLC purchased a new stake in Lumen Technologies during the fourth quarter worth $27,000. Sanctuary Advisors LLC purchased a new stake in shares of Lumen Technologies in the 2nd quarter worth about $25,000. Fidelis Capital Partners LLC boosted its position in shares of Lumen Technologies by 94.6% in the 1st quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock worth $35,000 after buying an additional 10,764 shares in the last quarter. Sawgrass Asset Management LLC increased its holdings in Lumen Technologies by 68.5% during the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after acquiring an additional 9,263 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd acquired a new position in Lumen Technologies during the second quarter worth about $26,000. 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.