Lumen Technologies (NYSE:LUMN) Shares Down 0.9% – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price traded down 0.9% during trading on Monday . The stock traded as low as $6.67 and last traded at $6.68. 28,834,355 shares were traded during mid-day trading, an increase of 45% from the average session volume of 19,881,367 shares. The stock had previously closed at $6.74.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Moffett Nathanson increased their price objective on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. TD Cowen boosted their price target on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. 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 note on Friday, October 4th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and raised their target price for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. Finally, Bank of America increased their target price on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a report on Thursday, August 8th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.09.

Lumen Technologies Stock Performance

The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The stock’s fifty day moving average is $6.16 and its two-hundred day moving average is $3.22. The firm has a market capitalization of $6.22 billion, a price-to-earnings ratio of -0.56 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results 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 firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The business’s revenue was down 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.10 earnings per share. Analysts forecast that Lumen Technologies, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Lumen Technologies

In other news, Director James Fowler acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the transaction, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lumen Technologies

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Lumen Technologies by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 118,327,820 shares of the technology company’s stock valued at $216,540,000 after buying an additional 927,331 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Lumen Technologies by 28.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 531,792 shares of the technology company’s stock valued at $830,000 after purchasing an additional 118,572 shares during the period. Argent Advisors Inc. boosted its position in shares of Lumen Technologies by 98.7% in the first quarter. Argent Advisors Inc. now owns 83,537 shares of the technology company’s stock worth $130,000 after buying an additional 41,504 shares during the period. Choreo LLC grew its holdings in shares of Lumen Technologies by 73.6% during the first quarter. Choreo LLC now owns 167,511 shares of the technology company’s stock valued at $261,000 after buying an additional 71,000 shares in the last quarter. Finally, Fidelis Capital Partners LLC raised 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 buying an additional 10,764 shares during the period. Institutional investors own 66.19% of the company’s stock.

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.