Citigroup Issues Positive Forecast for Lumen Technologies (NYSE:LUMN) Stock Price

Lumen Technologies (NYSE:LUMN) had its price objective hoisted by Citigroup from $6.50 to $8.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

A number of other research firms also recently weighed in on LUMN. Bank of America boosted their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. TD Cowen decreased their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Moffett Nathanson lifted their target price on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Finally, UBS Group lifted their price objective on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, Lumen Technologies currently has an average rating of “Hold” and a consensus price target of $4.71.

Lumen Technologies Price Performance

NYSE:LUMN opened at $7.35 on Friday. The business’s 50-day moving average is $7.24 and its 200 day moving average is $4.40. Lumen Technologies has a 12 month low of $0.97 and a 12 month high of $10.33. The company has a market capitalization of $7.45 billion, a P/E ratio of -3.38 and a beta of 1.21. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. During the same period last year, the company earned ($0.09) earnings per share. The firm’s revenue was down 11.5% on a year-over-year basis. On average, equities research analysts forecast that Lumen Technologies will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Lumen Technologies

In related news, Director James Fowler bought 10,000 shares of Lumen Technologies stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the transaction, the director now owns 384,056 shares in the company, valued at $1,805,063.20. The trade was a 2.67 % increase in their position. The purchase 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

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sawgrass Asset Management LLC increased its position in Lumen Technologies by 68.5% during 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 during the period. Sanctuary Advisors LLC bought a new position in shares of Lumen Technologies during the second quarter valued at approximately $25,000. ANTIPODES PARTNERS Ltd purchased a new position in Lumen Technologies during the second quarter valued at approximately $26,000. Concord Wealth Partners raised its stake in Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after buying an additional 1,992 shares in the last quarter. Finally, Legacy Investment Solutions LLC purchased a new stake in Lumen Technologies during the third quarter worth $30,000. 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.