Lumen Technologies (NYSE:LUMN) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Lumen Technologies (NYSE:LUMN) had its price target lifted by equities research analysts at The Goldman Sachs Group from $4.50 to $5.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s target price indicates a potential downside of 46.87% from the company’s previous close.

LUMN has been the topic of several other reports. TD Cowen upped their price objective 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. UBS Group raised their price target on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Bank of America boosted their price objective on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Moffett Nathanson raised their target price on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.02.

Lumen Technologies Price Performance

Shares of LUMN traded up $0.22 during mid-day trading on Wednesday, reaching $9.41. The company had a trading volume of 6,760,402 shares, compared to its average volume of 19,930,779. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $9.57 billion, a P/E ratio of -4.37 and a beta of 1.21. Lumen Technologies has a twelve month low of $0.97 and a twelve month high of $9.53. The company’s 50-day moving average is $6.47 and its 200-day moving average is $3.67.

Lumen Technologies (NYSE:LUMN) last released 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 18.52% and a negative net margin of 15.06%. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same quarter in the prior year, the company earned ($0.09) earnings per share. The business’s revenue was down 11.5% compared to the same quarter last year. On average, equities analysts anticipate that Lumen Technologies will post -0.59 EPS for the current year.

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler purchased 10,000 shares of the stock in a transaction dated 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 directly owns 384,056 shares in the company, valued at $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On Lumen Technologies

A number of institutional investors have recently made changes to their positions in LUMN. Congress Asset Management Co. acquired a new position in shares of Lumen Technologies during the 3rd quarter worth about $2,592,000. Quadrature Capital Ltd bought a new stake in Lumen Technologies in the first quarter valued at approximately $468,000. Mackenzie Financial Corp raised its holdings in Lumen Technologies by 267.4% in the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock worth $260,000 after purchasing an additional 172,040 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Lumen Technologies by 22.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock worth $3,198,000 after purchasing an additional 401,399 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Lumen Technologies in the 3rd quarter valued at $10,062,000. 66.19% of the stock is owned by institutional investors and hedge funds.

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.