Royal Bank of Canada Reiterates Sector Perform Rating for Lumen Technologies (NYSE:LUMN)

Royal Bank of Canada restated their sector perform rating on shares of Lumen Technologies (NYSE:LUMN) in a research note released on Friday morning,Benzinga reports. They currently have a $4.25 target price on the technology company’s stock, up from their previous target price of $4.00.

Several other analysts also recently weighed in on LUMN. The Goldman Sachs Group boosted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Citigroup boosted their target price on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. Finally, TD Cowen reduced their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat.com, Lumen Technologies has an average rating of “Hold” and an average target price of $4.66.

Lumen Technologies Price Performance

Shares of Lumen Technologies stock opened at $5.92 on Friday. The firm has a market capitalization of $6.01 billion, a PE ratio of -2.73 and a beta of 1.21. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. Lumen Technologies has a 12 month low of $0.97 and a 12 month high of $10.33. The business’s 50-day moving average price is $7.14 and its 200-day moving average price is $5.00.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The firm’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) earnings per share. Sell-side analysts forecast that Lumen Technologies will post -0.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Lumen Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Concord Wealth Partners lifted its position in shares of Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after purchasing an additional 1,992 shares during the period. Legacy Investment Solutions LLC bought a new position in Lumen Technologies in the third quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Lumen Technologies in the third quarter worth about $36,000. Allspring Global Investments Holdings LLC bought a new stake in Lumen Technologies during the 3rd quarter valued at approximately $46,000. Finally, GAMMA Investing LLC grew its holdings in shares of Lumen Technologies by 1,901.8% during the 3rd quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock worth $49,000 after acquiring an additional 6,504 shares during the period. 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.