Lumen Technologies (NYSE:LUMN) Shares Down 2.1% – Here’s Why

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price dropped 2.1% during trading on Monday . The stock traded as low as $5.95 and last traded at $6.07. Approximately 2,432,436 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 19,982,547 shares. The stock had previously closed at $6.20.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LUMN shares. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Bank of America upped their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price target for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Finally, TD Cowen increased their target price on Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, Lumen Technologies presently has a consensus rating of “Hold” and an average price target of $4.09.

Lumen Technologies Trading Down 1.5 %

The business’s 50 day simple moving average is $5.97 and its 200-day simple moving average is $2.98. 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 stock has a market capitalization of $6.20 billion, a P/E ratio of -0.56 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The company’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.10 EPS. As a group, analysts forecast that Lumen Technologies, Inc. will post -0.18 EPS for the current year.

Insider Activity at Lumen Technologies

In other news, Director James Fowler purchased 10,000 shares of the company’s stock in a transaction on 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 purchase, the director now directly owns 384,056 shares of the company’s stock, valued at $1,805,063.20. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.68% of the stock is owned by insiders.

Institutional Trading of Lumen Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC increased its position in shares of Lumen Technologies by 129.8% during the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after purchasing an additional 4,436,710 shares during the last quarter. Front Street Capital Management Inc. lifted its stake in Lumen Technologies by 30.1% in the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after acquiring an additional 2,697,423 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Lumen Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after purchasing an additional 1,975,400 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Lumen Technologies by 52.5% in the 2nd 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 period. Finally, Squarepoint Ops LLC lifted its stake in Lumen Technologies by 364.0% in the 2nd quarter. Squarepoint Ops LLC now owns 766,281 shares of the technology company’s stock valued at $843,000 after purchasing an additional 1,056,551 shares during the last quarter. 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.