TD Cowen Cuts Lumen Technologies (NYSE:LUMN) Price Target to $6.00

Lumen Technologies (NYSE:LUMN) had its target price trimmed by TD Cowen from $7.00 to $6.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

A number of other equities analysts have also weighed in on the company. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Moffett Nathanson upped their price objective on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their target price for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. UBS Group increased their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock 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 assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.02.

Lumen Technologies Price Performance

LUMN stock opened at $9.59 on Wednesday. The firm has a 50 day moving average of $6.56 and a 200-day moving average of $3.73. The firm has a market capitalization of $9.75 billion, a P/E ratio of -4.56 and a beta of 1.21. Lumen Technologies has a 12 month low of $0.97 and a 12 month high of $9.84. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.09) earnings per share. As a group, sell-side analysts predict that Lumen Technologies will post -0.59 earnings per share for the current fiscal year.

Insider Activity at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares in the company, valued at approximately $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 this link. 1.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LUMN. Concord Wealth Partners grew its stake in shares of 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 purchasing an additional 1,992 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Lumen Technologies in the 3rd quarter worth approximately $46,000. GAMMA Investing LLC increased its stake in shares of Lumen Technologies by 1,901.8% during the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after buying an additional 6,504 shares during the period. ORG Wealth Partners LLC purchased a new stake in Lumen Technologies in the third quarter worth $59,000. Finally, Stableford Capital II LLC bought a new stake in Lumen Technologies in the third quarter valued at $71,000. 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.