Lumen Technologies (NYSE:LUMN) Price Target Raised to $7.00

Lumen Technologies (NYSE:LUMN) had its price target lifted by TD Cowen from $2.50 to $7.00 in a research note published on Wednesday morning, Benzinga reports. TD Cowen currently has a hold rating on the technology company’s stock.

Several other analysts also recently weighed in on the company. Citigroup upgraded Lumen Technologies from a sell rating to a neutral rating and boosted their price objective for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. UBS Group upped their price target on Lumen Technologies from $1.50 to $5.00 and gave the stock a neutral rating in a research note on Wednesday. JPMorgan Chase & Co. raised Lumen Technologies from an underweight rating to a neutral rating in a research note on Wednesday. The Goldman Sachs Group raised Lumen Technologies from a sell rating to a neutral rating and increased their target price for the stock from $1.00 to $4.00 in a research note on Wednesday. Finally, Moffett Nathanson upped their price target on Lumen Technologies from $1.00 to $3.00 and gave the company a sell rating in a report on Wednesday. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $3.53.

Lumen Technologies Stock Up 3.5 %

NYSE LUMN traded up $0.19 during mid-day trading on Wednesday, hitting $5.57. The company’s stock had a trading volume of 65,472,027 shares, compared to its average volume of 19,439,184. The company’s 50 day simple moving average is $1.75 and its 200 day simple moving average is $1.55. Lumen Technologies has a twelve month low of $0.78 and a twelve month high of $7.83. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 36.89. The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of -0.51 and a beta of 1.14.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.25 billion. Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The company’s revenue was down 10.7% compared to the same quarter last year. During the same period last year, the business posted $0.10 EPS. Analysts anticipate that Lumen Technologies will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in LUMN. Renaissance Technologies LLC grew its stake in Lumen Technologies by 11.6% during the 2nd quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after purchasing an additional 919,300 shares during the last quarter. Texas Permanent School Fund Corp raised its holdings in Lumen Technologies by 0.9% in the 2nd quarter. Texas Permanent School Fund Corp now owns 888,228 shares of the technology company’s stock worth $977,000 after purchasing an additional 7,922 shares during the period. Choreo LLC raised its holdings in shares of Lumen Technologies by 68.3% during the second quarter. Choreo LLC now owns 281,902 shares of the technology company’s stock valued at $313,000 after acquiring an additional 114,391 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Lumen Technologies by 2.0% during the second 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 last quarter. Finally, ANTIPODES PARTNERS Ltd acquired a new position in shares of Lumen Technologies during the second quarter valued at approximately $26,000. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

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.