Lumen Technologies (NYSE:LUMN) Trading Down 5.7%

Lumen Technologies, Inc. (NYSE:LUMN) traded down 5.7% during trading on Tuesday . The company traded as low as $4.93 and last traded at $4.95. 5,743,779 shares changed hands during trading, a decline of 72% from the average session volume of 20,401,588 shares. The stock had previously closed at $5.25.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Moffett Nathanson raised their target price on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. The Goldman Sachs Group upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $1.00 to $4.00 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 price objective for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Finally, Bank of America lifted their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Four equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $3.74.

Lumen Technologies Price Performance

The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51. The firm’s 50 day simple moving average is $3.33 and its 200 day simple moving average is $2.07. The company has a market capitalization of $5.58 billion, a PE ratio of -0.51 and a beta of 1.14.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The firm had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.25 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The firm’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.10 earnings per share. As a group, research analysts anticipate that Lumen Technologies, Inc. will post -0.17 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director James Fowler bought 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the purchase, the director now owns 384,056 shares of the company’s stock, valued at $1,805,063.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.68% of the stock is owned by insiders.

Institutional Trading of Lumen Technologies

A number of large investors have recently made changes to their positions in LUMN. Sawgrass Asset Management LLC boosted its stake in shares of Lumen Technologies by 68.5% during the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after purchasing an additional 9,263 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Lumen Technologies during the second quarter valued at $25,000. ANTIPODES PARTNERS Ltd purchased a new stake in Lumen Technologies in the second quarter worth about $26,000. HighPoint Advisor Group LLC purchased a new stake in Lumen Technologies in the fourth quarter worth about $27,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in Lumen Technologies in the second quarter worth about $33,000. 66.19% of the stock is 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.