Lumen Technologies (NYSE:LUMN) Stock Price Down 4.6%

Lumen Technologies, Inc. (NYSE:LUMN) shares dropped 4.6% on Monday . The stock traded as low as $5.45 and last traded at $5.57. Approximately 6,077,033 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 20,554,295 shares. The stock had previously closed at $5.84.

Analyst Upgrades and Downgrades

LUMN has been the topic of several research reports. UBS Group boosted their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen increased their target price on Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. The Goldman Sachs Group raised Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price target for the stock from $1.00 to $4.00 in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Finally, Bank of America lifted 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 equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $4.02.

Lumen Technologies Stock Down 5.6 %

The company has a market cap of $5.45 billion, a PE ratio of -0.49 and a beta of 1.17. The stock has a 50-day moving average of $3.69 and a 200-day moving average of $2.18. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same period in the previous year, the business earned $0.10 EPS. The business’s revenue was down 10.7% on a year-over-year basis. Sell-side analysts predict that Lumen Technologies, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In related news, Director James Fowler purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $4.70 per share, with a total value of $47,000.00. Following the acquisition, the director now directly owns 384,056 shares of the company’s stock, valued at $1,805,063.20. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lumen Technologies

Hedge funds have recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC purchased a new position in shares of Lumen Technologies during the 4th quarter valued at about $27,000. Sanctuary Advisors LLC bought a new position in Lumen Technologies during the second quarter valued at approximately $25,000. Fidelis Capital Partners LLC raised its stake in shares of Lumen Technologies by 94.6% during the first quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company’s stock worth $35,000 after acquiring an additional 10,764 shares in the last quarter. Guardian Capital LP lifted its holdings in shares of Lumen Technologies by 53.5% in the 4th quarter. Guardian Capital LP now owns 22,145 shares of the technology company’s stock worth $41,000 after acquiring an additional 7,717 shares during the last quarter. Finally, Sawgrass Asset Management LLC boosted its stake in shares of Lumen Technologies by 68.5% in the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after purchasing an additional 9,263 shares in the last quarter. Institutional investors 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.