Lumen Technologies (NYSE:LUMN) Stock Price Down 8.2% – Time to Sell?

Lumen Technologies, Inc. (NYSE:LUMN) was down 8.2% during trading on Tuesday . The stock traded as low as $7.42 and last traded at $7.46. Approximately 3,415,937 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 19,824,916 shares. The stock had previously closed at $8.13.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on LUMN shares. Moffett Nathanson boosted their price target on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. The Goldman Sachs Group upped their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Wells Fargo & Company lowered Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $1.75 to $4.00 in a research note on Friday, August 16th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, TD Cowen lowered their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. 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 an average price target of $4.02.

Lumen Technologies Stock Performance

The stock has a 50-day moving average price of $6.98 and a 200 day moving average price of $4.09. The company has a market cap of $7.86 billion, a price-to-earnings ratio of -3.44 and a beta of 1.21. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20.

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

Insider Transactions at Lumen Technologies

In related news, Director James Fowler purchased 10,000 shares of Lumen Technologies stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the transaction, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 2.67 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.68% of the stock is owned by insiders.

Institutional Trading of Lumen Technologies

Several large investors have recently modified their holdings of the stock. Crossmark Global Holdings Inc. acquired a new position in shares of Lumen Technologies during the third quarter valued at about $433,000. Congress Asset Management Co. acquired a new position in shares of Lumen Technologies during the third quarter valued at about $2,592,000. Quadrature Capital Ltd acquired a new position in shares of Lumen Technologies during the first quarter valued at about $468,000. Mackenzie Financial Corp raised its holdings in shares of Lumen Technologies by 267.4% during the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock valued at $260,000 after purchasing an additional 172,040 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Lumen Technologies by 22.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock valued at $3,198,000 after purchasing an additional 401,399 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

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.