Lumen Technologies (NYSE:LUMN) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Lumen Technologies (NYSE:LUMN) from a hold rating to a sell rating in a research report report published on Saturday.

LUMN has been the subject of a number of other research reports. Zacks Research cut shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. UBS Group raised their price objective on shares of Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. TD Cowen upped their target price on Lumen Technologies from $8.00 to $9.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. raised their price target on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Nine equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $8.32.

Lumen Technologies Stock Down 3.0%

Shares of LUMN stock opened at $6.36 on Friday. Lumen Technologies has a fifty-two week low of $3.37 and a fifty-two week high of $11.95. The stock has a market cap of $6.55 billion, a P/E ratio of -3.66 and a beta of 1.75. The business has a fifty day simple moving average of $7.83 and a 200-day simple moving average of $7.90.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.34). The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.83 billion. The firm’s quarterly revenue was down 8.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.13) EPS. On average, sell-side analysts anticipate that Lumen Technologies will post -0.39 earnings per share for the current year.

Institutional Investors Weigh In On Lumen Technologies

A number of large investors have recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. bought a new stake in shares of Lumen Technologies in the 4th quarter worth about $25,000. Ascentis Independent Advisors bought a new stake in Lumen Technologies in the first quarter valued at about $27,000. International Assets Investment Management LLC acquired a new stake in Lumen Technologies during the fourth quarter valued at approximately $30,000. Versant Capital Management Inc raised its stake in Lumen Technologies by 90.3% during the second quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock valued at $30,000 after buying an additional 1,860 shares in the last quarter. Finally, Trust Asset Management LLC acquired a new position in shares of Lumen Technologies in the 2nd quarter worth approximately $34,000. 66.19% of the stock is owned by institutional investors and hedge funds.

About Lumen Technologies

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.