Lumen Technologies (NYSE:LUMN) Trading Down 2.1% – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price was down 2.1% on Monday . The stock traded as low as $5.95 and last traded at $6.07. Approximately 2,432,436 shares were traded during 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 Analyst Weigh In

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. The Goldman Sachs Group upped their price objective on shares of Lumen Technologies from $4.00 to $4.50 and gave the company a “neutral” rating in a report on Friday, October 4th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. UBS Group lifted their price objective on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, TD Cowen increased their price objective on Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.09.

Lumen Technologies Stock Up 1.1 %

The company has a market capitalization of $6.34 billion, a PE ratio of -0.57 and a beta of 1.19. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a fifty day simple moving average of $6.07 and a 200-day simple moving average of $3.05.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same quarter in the previous year, the firm earned $0.10 earnings per share. The business’s revenue was down 10.7% on a year-over-year basis. Equities research analysts anticipate that Lumen Technologies, Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other news, Director James Fowler bought 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $4.70 per share, with a total value of $47,000.00. Following the purchase, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LUMN. Xponance Inc. boosted its position in Lumen Technologies by 4.0% in the second quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock valued at $71,000 after buying an additional 2,487 shares in the last quarter. Cornerstone Wealth Management LLC grew its stake in Lumen Technologies by 25.8% in the third quarter. Cornerstone Wealth Management LLC now owns 21,936 shares of the technology company’s stock valued at $156,000 after purchasing an additional 4,500 shares in the last quarter. CWM LLC increased its position in Lumen Technologies by 49.6% during the third quarter. CWM LLC now owns 15,692 shares of the technology company’s stock worth $111,000 after buying an additional 5,202 shares during the last quarter. Arizona State Retirement System raised its holdings in Lumen Technologies by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 282,687 shares of the technology company’s stock valued at $311,000 after acquiring an additional 5,418 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Lumen Technologies by 1,901.8% during the 3rd quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after acquiring an additional 6,504 shares during the period. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Lumen Technologies Company Profile

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.