Lumen Technologies (NYSE:LUMN) Trading Down 14.4% – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN) traded down 14.4% on Monday . The company traded as low as $5.08 and last traded at $5.07. 5,835,203 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 8,499,087 shares. The stock had previously closed at $5.92.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on LUMN shares. Citigroup upped their price target on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. The Goldman Sachs Group increased their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. TD Cowen decreased their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $4.25 price objective (up previously from $4.00) on shares of Lumen Technologies in a research note on Friday, December 20th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat, Lumen Technologies presently has an average rating of “Hold” and an average target price of $4.66.

Lumen Technologies Price Performance

The business’s 50 day simple moving average is $6.13 and its 200-day simple moving average is $5.87. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of -2.34 and a beta of 1.28. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20.

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

Hedge Funds Weigh In On Lumen Technologies

Several large investors have recently bought and sold shares of the stock. Hennessy Advisors Inc. bought a new position in Lumen Technologies during the fourth quarter valued at about $45,089,000. Millennium Management LLC boosted 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 valued at $8,640,000 after purchasing an additional 4,436,710 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Lumen Technologies by 1,081.0% in the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock worth $16,819,000 after purchasing an additional 2,168,325 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Lumen Technologies in the 3rd quarter worth approximately $10,062,000. Finally, AQR Capital Management LLC lifted its stake in Lumen Technologies by 52.5% during the second 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 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.