Lumen Technologies (NYSE:LUMN) Stock Price Down 4.2%

Lumen Technologies, Inc. (NYSE:LUMN) shares fell 4.2% during mid-day trading on Tuesday . The company traded as low as $6.75 and last traded at $6.80. 2,571,379 shares were traded during mid-day trading, a decline of 87% from the average session volume of 20,447,295 shares. The stock had previously closed at $7.10.

Wall Street Analysts Forecast Growth

LUMN has been the topic of several recent analyst reports. Bank of America boosted their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a report on Thursday, August 8th. TD Cowen raised their target price on Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Moffett Nathanson increased their price target on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. UBS Group upped their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price target for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.02.

Lumen Technologies Price Performance

The company’s 50-day simple moving average is $5.21 and its 200 day simple moving average is $2.67. The company has a market cap of $6.61 billion, a PE ratio of -0.61 and a beta of 1.18. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same quarter in the previous year, the business posted $0.10 earnings per share. The firm’s revenue was down 10.7% on a year-over-year basis. On average, sell-side analysts predict that Lumen Technologies, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Activity

In other news, Director James Fowler acquired 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $4.70 per share, with a total value of $47,000.00. Following the transaction, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Allianz Asset Management GmbH grew its position in shares of Lumen Technologies by 27.8% in the 4th quarter. Allianz Asset Management GmbH now owns 4,084,580 shares of the technology company’s stock valued at $7,475,000 after buying an additional 888,581 shares during the last quarter. Palestra Capital Management LLC increased its position in shares of Lumen Technologies by 71.0% during the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock worth $20,437,000 after purchasing an additional 4,637,585 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Lumen Technologies in the 4th quarter valued at about $264,000. Vanguard Group Inc. boosted its position in shares of Lumen Technologies by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 118,327,820 shares of the technology company’s stock valued at $216,540,000 after purchasing an additional 927,331 shares during the period. Finally, HighPoint Advisor Group LLC purchased a new position in Lumen Technologies during the 4th quarter worth approximately $27,000. 66.19% of the stock is owned by institutional investors and hedge funds.

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.