Lumen Technologies (NYSE:LUMN) Shares Down 7.6% – Here’s What Happened

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LUMN. Wells Fargo & Company downgraded 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. TD Cowen decreased their price target 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. The Goldman Sachs Group increased their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, Citigroup boosted their target price on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. 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, the stock presently has an average rating of “Hold” and a consensus target price 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 stock’s 50 day moving average price is $7.19 and its two-hundred day moving average price is $4.75. The stock has a market cap of $6.59 billion, a price-to-earnings ratio of -2.87 and a beta of 1.21.

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

Hedge Funds Weigh In On Lumen Technologies

Large investors have recently added to or reduced their stakes in the stock. Concord Wealth Partners grew its stake in Lumen Technologies by 98.8% during the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after acquiring an additional 1,992 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Lumen Technologies in the 3rd quarter worth $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Lumen Technologies during the 3rd quarter worth $36,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Lumen Technologies in the third quarter valued at about $46,000. Finally, GAMMA Investing LLC increased its position in Lumen Technologies by 1,901.8% during the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock worth $49,000 after purchasing an additional 6,504 shares during the last quarter. 66.19% of the stock is currently 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.