Royal Bank of Canada Reiterates Sector Perform Rating for Lumen Technologies (NYSE:LUMN)

Lumen Technologies (NYSE:LUMN)‘s stock had its “sector perform” rating reissued by equities research analysts at Royal Bank of Canada in a report released on Friday,Benzinga reports. They presently have a $4.25 target price on the technology company’s stock, up from their prior target price of $4.00. Royal Bank of Canada’s price objective indicates a potential downside of 28.21% from the company’s previous close.

A number of other brokerages also recently commented on LUMN. The Goldman Sachs Group lifted their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Citigroup lifted their price target on shares of Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. Finally, TD Cowen lowered their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, Lumen Technologies has an average rating of “Hold” and an average price target of $4.66.

Lumen Technologies Price Performance

LUMN stock opened at $5.92 on Friday. Lumen Technologies has a 1 year low of $0.97 and a 1 year high of $10.33. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market capitalization of $6.01 billion, a PE ratio of -2.73 and a beta of 1.21. The business has a 50 day simple moving average of $7.14 and a 200-day simple moving average of $4.98.

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

Institutional Trading of Lumen Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LUMN. Stephens Inc. AR grew its stake in shares of Lumen Technologies by 7.7% in the third quarter. Stephens Inc. AR now owns 27,070 shares of the technology company’s stock valued at $192,000 after buying an additional 1,935 shares in the last quarter. Concord Wealth Partners grew its stake in shares of Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after acquiring an additional 1,992 shares in the last quarter. US Bancorp DE grew its stake in Lumen Technologies by 18.6% during the 3rd quarter. US Bancorp DE now owns 15,012 shares of the technology company’s stock worth $107,000 after purchasing an additional 2,350 shares in the last quarter. Xponance Inc. increased its holdings in Lumen Technologies by 4.0% during the 2nd quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after purchasing an additional 2,487 shares during the period. Finally, Arkadios Wealth Advisors raised its position in Lumen Technologies by 23.6% in the 3rd quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company’s stock valued at $95,000 after purchasing an additional 2,554 shares in the last quarter. 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.