Lumen Technologies (NYSE:LUMN) Price Target Increased to $3.00 by Analysts at Moffett Nathanson

Lumen Technologies (NYSE:LUMN) had its price objective boosted by Moffett Nathanson from $1.00 to $3.00 in a research note issued to investors on Wednesday, Benzinga reports. Moffett Nathanson currently has a sell rating on the technology company’s stock.

LUMN has been the topic of several other research reports. The Goldman Sachs Group raised Lumen Technologies from a sell rating to a neutral rating and boosted their price target for the company from $1.00 to $4.00 in a research note on Wednesday. JPMorgan Chase & Co. upgraded Lumen Technologies from an underweight rating to a neutral rating in a research report on Wednesday. Finally, Citigroup raised Lumen Technologies from a sell rating to a neutral rating and upped their price target for the company from $1.25 to $3.15 in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, Lumen Technologies currently has a consensus rating of Hold and an average target price of $3.53.

Lumen Technologies Stock Down 18.9 %

Shares of LUMN stock traded down $1.25 during trading on Wednesday, hitting $5.38. 131,568,298 shares of the company were exchanged, compared to its average volume of 19,127,615. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of -0.47 and a beta of 1.14. The business’s 50-day simple moving average is $1.58 and its 200 day simple moving average is $1.49. Lumen Technologies has a twelve month low of $0.78 and a twelve month high of $7.83. 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 announced its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The company’s revenue was down 10.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. As a group, analysts forecast that Lumen Technologies will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

A number of institutional investors have recently modified their holdings of the business. Quadrature Capital Ltd acquired a new position in shares of Lumen Technologies in the 1st quarter worth approximately $468,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in Lumen Technologies by 22.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock valued at $3,198,000 after acquiring an additional 401,399 shares during the last quarter. Federated Hermes Inc. grew its holdings in Lumen Technologies by 798.6% during the 4th quarter. Federated Hermes Inc. now owns 1,438,386 shares of the technology company’s stock worth $2,632,000 after acquiring an additional 1,278,319 shares during the period. Palestra Capital Management LLC raised its position in shares of Lumen Technologies by 71.0% in the 4th quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock worth $20,437,000 after acquiring an additional 4,637,585 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its stake in shares of Lumen Technologies by 247.6% in the 1st 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 period. 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.