Lumen Technologies (NYSE:LUMN) Upgraded by The Goldman Sachs Group to “Neutral”

The Goldman Sachs Group upgraded shares of Lumen Technologies (NYSE:LUMN) from a sell rating to a neutral rating in a report published on Wednesday morning, Marketbeat Ratings reports. The Goldman Sachs Group currently has $4.00 target price on the technology company’s stock, up from their previous target price of $1.00.

Other analysts have also recently issued reports about the stock. Citigroup upgraded shares of Lumen Technologies from a sell rating to a neutral rating and raised their price target for the company from $1.25 to $3.15 in a report on Tuesday. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an underweight rating to a neutral rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, Lumen Technologies has a consensus rating of Hold and a consensus target price of $3.53.

Lumen Technologies Stock Up 3.5 %

Shares of NYSE LUMN traded up $0.19 during midday trading on Wednesday, reaching $5.57. 65,472,027 shares of the company’s stock traded hands, compared to its average volume of 19,439,184. The company has a market cap of $5.65 billion, a price-to-earnings ratio of -0.51 and a beta of 1.14. Lumen Technologies has a one year low of $0.78 and a one year high of $7.83. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 36.89. The stock’s 50 day simple moving average is $1.75 and its 200-day simple moving average is $1.55.

Lumen Technologies (NYSE:LUMN) last released 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 positive return on equity of 4.06% and a negative net margin of 76.21%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the previous year, the firm posted $0.10 earnings per share. The company’s revenue was down 10.7% on a year-over-year basis. On average, analysts predict that Lumen Technologies will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Lumen Technologies

A number of large investors have recently made changes to their positions in the stock. Brighton Jones LLC purchased a new stake in Lumen Technologies during the 4th quarter valued at about $27,000. HighPoint Advisor Group LLC purchased a new position in shares of Lumen Technologies during the fourth quarter worth $27,000. Fidelis Capital Partners LLC lifted its position in Lumen Technologies by 94.6% during the first quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock valued at $35,000 after purchasing an additional 10,764 shares during the period. Guardian Capital LP boosted its holdings in Lumen Technologies by 53.5% in the fourth quarter. Guardian Capital LP now owns 22,145 shares of the technology company’s stock valued at $41,000 after purchasing an additional 7,717 shares during the last quarter. Finally, ORG Partners LLC boosted its stake in shares of Lumen Technologies by 54.0% in the fourth quarter. ORG Partners LLC now owns 22,580 shares of the technology company’s stock worth $41,000 after buying an additional 7,920 shares during the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

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.