Lumen Technologies (NYSE:LUMN) Shares Gap Down to $6.70

Shares of Lumen Technologies, Inc. (NYSE:LUMN) gapped down prior to trading on Friday . The stock had previously closed at $6.70, but opened at $6.40. Lumen Technologies shares last traded at $6.76, with a volume of 2,947,620 shares traded.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. TD Cowen raised their price objective on Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Bank of America upped their price target 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. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. Moffett Nathanson boosted their price objective on Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, Lumen Technologies currently has an average rating of “Hold” and an average target price of $4.02.

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 fifty day moving average price is $4.41 and its 200 day moving average price is $2.40. The stock has a market cap of $6.67 billion, a PE ratio of -0.62 and a beta of 1.18.

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

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $4.70 per share, with a total value of $47,000.00. Following the transaction, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Lumen Technologies

Several hedge funds have recently modified their holdings of LUMN. Xponance Inc. raised its holdings in Lumen Technologies by 4.0% in the second quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after purchasing an additional 2,487 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Lumen Technologies by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 282,687 shares of the technology company’s stock worth $311,000 after acquiring an additional 5,418 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in Lumen Technologies by 0.9% during the second quarter. Texas Permanent School Fund Corp now owns 888,228 shares of the technology company’s stock valued at $977,000 after acquiring an additional 7,922 shares during the last quarter. Sawgrass Asset Management LLC boosted its stake in Lumen Technologies by 68.5% in the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after acquiring an additional 9,263 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Lumen Technologies by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 509,861 shares of the technology company’s stock worth $561,000 after purchasing an additional 9,922 shares during the last quarter. Hedge funds and other institutional investors 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.