Lumen Technologies (NYSE:LUMN) Shares Down 3.5% – Here’s Why

Lumen Technologies, Inc. (NYSE:LUMN) shares dropped 3.5% during mid-day trading on Friday . The company traded as low as $5.81 and last traded at $5.88. Approximately 1,327,187 shares traded hands during trading, a decline of 89% from the average daily volume of 12,541,030 shares. The stock had previously closed at $6.09.

Wall Street Analysts Forecast Growth

LUMN has been the subject of a number of research analyst reports. The Goldman Sachs Group initiated coverage on shares of Lumen Technologies in a research report on Tuesday, September 2nd. They set a “neutral” rating and a $4.10 target price for the company. BNP Paribas upgraded Lumen Technologies to a “hold” rating in a report on Wednesday, June 25th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 3rd. Finally, Raymond James Financial upped their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Lumen Technologies currently has a consensus rating of “Hold” and a consensus target price of $5.14.

Lumen Technologies Stock Performance

The company has a market capitalization of $6.22 billion, a PE ratio of -5.14 and a beta of 1.42. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. The company has a 50 day moving average price of $4.58 and a 200 day moving average price of $4.27.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.21. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.11 billion. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The business’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.13) EPS. Equities analysts forecast that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, CFO Christopher Stansbury bought 42,000 shares of Lumen Technologies stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost of $4.29 per share, for a total transaction of $180,180.00. Following the purchase, the chief financial officer owned 518,000 shares in the company, valued at $2,222,220. This represents a 8.82% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kathleen E. Johnson acquired 135,870 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the completion of the purchase, the chief executive officer directly owned 9,616,947 shares of the company’s stock, valued at $35,486,534.43. The trade was a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 217,870 shares of company stock valued at $859,140. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

Large investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its stake in Lumen Technologies by 132.3% during the second quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company’s stock worth $26,000 after purchasing an additional 3,391 shares during the last quarter. MRP Capital Investments LLC lifted its stake in Lumen Technologies by 160.0% during the second quarter. MRP Capital Investments LLC now owns 6,500 shares of the technology company’s stock worth $28,000 after purchasing an additional 4,000 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Lumen Technologies by 3,527.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 6,639 shares of the technology company’s stock worth $29,000 after purchasing an additional 6,456 shares during the last quarter. Lazard Asset Management LLC increased its position in Lumen Technologies by 3,825.7% in the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company’s stock worth $39,000 after buying an additional 7,307 shares during the period. Finally, Conning Inc. acquired a new stake in Lumen Technologies in the first quarter worth $39,000. 66.19% of the stock is currently owned by institutional investors.

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.