Lumen Technologies (NYSE:LUMN) Stock Price Down 7.6% – Should You Sell?

Lumen Technologies, Inc. (NYSE:LUMN) fell 7.6% during mid-day trading on Monday . The company traded as low as $6.46 and last traded at $6.47. 7,271,895 shares changed hands during trading, a decline of 63% from the average session volume of 19,469,533 shares. The stock had previously closed at $7.00.

Analyst Upgrades and Downgrades

A number of analysts recently commented on LUMN shares. Citigroup upped their price objective on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price objective for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. The Goldman Sachs Group increased their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, TD Cowen reduced their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Lumen Technologies currently has an average rating of “Hold” and an average price target of $4.71.

Lumen Technologies Price Performance

The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05. The company has a market capitalization of $6.59 billion, a PE ratio of -2.87 and a beta of 1.21. The firm’s 50 day simple moving average is $7.19 and its 200 day simple moving average is $4.75.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the prior year, the company posted ($0.09) EPS. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, research analysts anticipate that Lumen Technologies, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in LUMN. Millennium Management LLC lifted its holdings in Lumen Technologies by 129.8% during the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after buying an additional 4,436,710 shares during the period. Front Street Capital Management Inc. raised its position in shares of Lumen Technologies by 30.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after acquiring an additional 2,697,423 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Lumen Technologies by 1,081.0% during the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock worth $16,819,000 after purchasing an additional 2,168,325 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in Lumen Technologies during the third quarter valued at about $10,062,000. Finally, AQR Capital Management LLC grew its stake in Lumen Technologies by 52.5% in the second quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock valued at $3,712,000 after purchasing an additional 1,246,289 shares during 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.