Lumen Technologies (NYSE:LUMN) Shares Down 3% – Time to Sell?

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price fell 3% on Tuesday . The stock traded as low as $6.31 and last traded at $6.37. 5,376,027 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 19,948,723 shares. The stock had previously closed at $6.57.

Analysts Set New Price Targets

LUMN has been the topic of several research reports. 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 report on Thursday, August 8th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Moffett Nathanson raised their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. The Goldman Sachs Group boosted their target price on Lumen Technologies from $4.00 to $4.50 and gave the company a “neutral” rating in a research note on Friday, October 4th. Finally, Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their price objective for the company from $1.75 to $4.00 in a report on Friday, August 16th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.09.

Lumen Technologies Stock Down 6.1 %

The stock has a market capitalization of $6.26 billion, a P/E ratio of -0.57 and a beta of 1.19. The stock has a 50 day moving average price of $6.14 and a 200-day moving average price of $3.19. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The firm had revenue of $3.27 billion for 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 business’s revenue was down 10.7% on a year-over-year basis. During the same period last year, the company posted $0.10 earnings per share. As a group, research analysts expect that Lumen Technologies, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In related news, Director James Fowler acquired 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the acquisition, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in LUMN. Vanguard Group Inc. boosted its stake in Lumen Technologies by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 118,327,820 shares of the technology company’s stock worth $216,540,000 after acquiring an additional 927,331 shares in the last quarter. HighPoint Advisor Group LLC bought a new position in Lumen Technologies during the 4th quarter valued at approximately $27,000. Commonwealth Equity Services LLC raised its stake in Lumen Technologies by 28.7% during the first quarter. Commonwealth Equity Services LLC now owns 531,792 shares of the technology company’s stock valued at $830,000 after buying an additional 118,572 shares during the last quarter. Argent Advisors Inc. raised its position in shares of Lumen Technologies by 98.7% in the 1st quarter. Argent Advisors Inc. now owns 83,537 shares of the technology company’s stock worth $130,000 after purchasing an additional 41,504 shares during the last quarter. Finally, Choreo LLC increased its position in shares of Lumen Technologies by 73.6% during the first quarter. Choreo LLC now owns 167,511 shares of the technology company’s stock valued at $261,000 after acquiring an additional 71,000 shares in the last quarter. Hedge funds and other 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.