Lumen Technologies (NYSE:LUMN) Shares Down 4.1%

Lumen Technologies, Inc. (NYSE:LUMN)’s share price was down 4.1% on Thursday . The company traded as low as $5.10 and last traded at $5.13. Approximately 5,820,313 shares changed hands during trading, a decline of 71% from the average daily volume of 20,405,785 shares. The stock had previously closed at $5.35.

Analyst Upgrades and Downgrades

LUMN has been the subject of several analyst reports. Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $1.75 to $4.00 in a report on Friday, August 16th. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Bank of America upped their target price on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Moffett Nathanson upped their price objective on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Finally, TD Cowen increased their price target on shares of Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Four investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $3.74.

Lumen Technologies Stock Up 1.5 %

The stock has a market cap of $5.33 billion, a P/E ratio of -0.48 and a beta of 1.14. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 36.89. The company has a 50-day simple moving average of $3.08 and a two-hundred day simple moving average of $1.99.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $3.25 billion. Lumen Technologies had a negative net margin of 76.21% and a positive return on equity of 4.06%. The company’s quarterly revenue was down 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.10 EPS. On average, equities analysts forecast that Lumen Technologies, Inc. will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Lumen Technologies by 7.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 188,638 shares of the technology company’s stock worth $345,000 after purchasing an additional 12,411 shares in the last quarter. Handelsbanken Fonder AB increased its stake in shares of Lumen Technologies by 25.9% in the 4th quarter. Handelsbanken Fonder AB now owns 139,400 shares of the technology company’s stock worth $255,000 after acquiring an additional 28,700 shares in the last quarter. Yousif Capital Management LLC lifted its position in Lumen Technologies by 9.1% during the 4th quarter. Yousif Capital Management LLC now owns 775,742 shares of the technology company’s stock valued at $1,420,000 after acquiring an additional 64,490 shares during the period. Choreo LLC bought a new stake in Lumen Technologies during the fourth quarter worth about $177,000. Finally, Brighton Jones LLC bought a new position in shares of Lumen Technologies during the fourth quarter valued at approximately $27,000. Hedge funds and other institutional investors 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.