Lumen Technologies (NYSE:LUMN) Stock Rating Upgraded by Moffett Nathanson

Lumen Technologies (NYSE:LUMN) was upgraded by stock analysts at Moffett Nathanson from a “sell” rating to a “neutral” rating in a research report issued on Friday, MarketBeat reports. The firm currently has a $4.00 price objective on the technology company’s stock. Moffett Nathanson‘s target price would suggest a potential downside of 16.49% from the stock’s current price.

A number of other equities research analysts also recently commented on the stock. Citigroup dropped their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. The Goldman Sachs Group cut their price target on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a research note on Wednesday, August 5th. Finally, Wells Fargo & Company cut their price target on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a research note on Wednesday, August 5th. Ten equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $7.38.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock opened at $4.79 on Friday. The business has a 50-day simple moving average of $5.75 and a 200-day simple moving average of $7.26. Lumen Technologies has a one year low of $4.25 and a one year high of $11.95. The company has a market cap of $4.94 billion, a PE ratio of -4.70 and a beta of 1.84.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.06. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same period last year, the business earned ($0.03) EPS. The firm’s revenue was down 9.3% compared to the same quarter last year. On average, sell-side analysts predict that Lumen Technologies will post -0.54 earnings per share for the current fiscal year.

Insider Transactions at Lumen Technologies

In other news, CEO Kathleen Johnson acquired 100,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $6.13 per share, with a total value of $613,000.00. Following the completion of the acquisition, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Lumen Technologies

Several institutional investors and hedge funds have recently bought and sold shares of LUMN. Hsbc Holdings PLC purchased a new position in Lumen Technologies during the 2nd quarter worth $74,242,000. Bank of New York Mellon Corp raised its holdings in shares of Lumen Technologies by 87.2% in the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock valued at $80,558,000 after buying an additional 4,886,999 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Lumen Technologies by 3.5% in the second quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock valued at $1,092,571,000 after buying an additional 4,796,141 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Lumen Technologies during the second quarter worth about $24,767,000. Finally, Legal & General Group Plc acquired a new stake in shares of Lumen Technologies during the second quarter worth about $18,541,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

About Lumen Technologies

Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.

The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.