Lumen Technologies (NYSE:LUMN) Stock Price Down 3% – What’s Next?

Lumen Technologies, Inc. (NYSE:LUMN) shares fell 3% during trading on Tuesday . The company traded as low as $6.31 and last traded at $6.37. 5,376,027 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 19,948,723 shares. The stock had previously closed at $6.57.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LUMN. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $1.75 to $4.00 in a research note on Friday, August 16th. The Goldman Sachs Group raised their price objective on shares of Lumen Technologies from $4.00 to $4.50 and gave the company a “neutral” rating in a research report on Friday, October 4th. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price target for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. Bank of America boosted their price objective on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Finally, Moffett Nathanson lifted their target price on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.09.

Lumen Technologies Price Performance

The business has a 50-day moving average price of $6.17 and a 200 day moving average price of $3.24. The stock has a market capitalization of $6.22 billion, a P/E ratio of -0.56 and a beta of 1.19. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51.

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 analysts’ consensus estimates of ($0.06) by ($0.07). The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The business’s quarterly revenue was down 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 earnings per share. On average, equities analysts expect that Lumen Technologies, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In related news, Director James Fowler purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the acquisition, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Sawgrass Asset Management LLC boosted its stake in shares of Lumen Technologies by 68.5% during the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after purchasing an additional 9,263 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Lumen Technologies in the second quarter worth approximately $25,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Lumen Technologies during the 2nd quarter worth approximately $26,000. Fifth Third Wealth Advisors LLC purchased a new position in Lumen Technologies during the 2nd quarter valued at $33,000. Finally, Fidelis Capital Partners LLC grew its position in Lumen Technologies by 94.6% in the 1st quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock valued at $35,000 after acquiring an additional 10,764 shares during the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Company Profile

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.