Lumen Technologies (NYSE:LUMN) Given New $6.00 Price Target at TD Cowen

Lumen Technologies (NYSE:LUMN) had its price objective lowered by TD Cowen from $7.00 to $6.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. TD Cowen’s target price suggests a potential downside of 31.82% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. UBS Group boosted their price target on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. The Goldman Sachs Group boosted their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Bank of America lifted their price objective on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $4.02.

Lumen Technologies Price Performance

NYSE:LUMN traded up $1.19 during trading hours on Wednesday, hitting $8.80. The company’s stock had a trading volume of 29,314,816 shares, compared to its average volume of 19,864,559. Lumen Technologies has a 52-week low of $0.97 and a 52-week high of $8.83. The company has a market capitalization of $8.95 billion, a PE ratio of -4.19 and a beta of 1.21. The business’s 50-day moving average is $6.32 and its two-hundred day moving average is $3.60. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.07. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. During the same quarter last year, the business posted ($0.09) earnings per share. The business’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, research analysts anticipate that Lumen Technologies will post -0.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler purchased 10,000 shares of Lumen Technologies stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the transaction, the director now owns 384,056 shares of the company’s stock, valued at $1,805,063.20. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.68% of the stock is currently owned by insiders.

Institutional Trading of Lumen Technologies

Several institutional investors have recently modified their holdings of the company. Concord Wealth Partners raised its position in shares of Lumen Technologies by 98.8% during the third 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. Allspring Global Investments Holdings LLC acquired a new stake in shares of Lumen Technologies during the third quarter worth $46,000. GAMMA Investing LLC raised its position in shares of Lumen Technologies by 1,901.8% during the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock worth $49,000 after purchasing an additional 6,504 shares during the period. ORG Wealth Partners LLC acquired a new stake in shares of Lumen Technologies during the third quarter worth $59,000. Finally, Stableford Capital II LLC acquired a new position in Lumen Technologies during the third quarter valued at $71,000. 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.