Lumen Technologies, Inc. (NYSE:LUMN – Get Free Report)’s stock price dropped 3.7% on Monday . The company traded as low as $6.00 and last traded at $6.00. Approximately 5,512,947 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 20,273,811 shares. The stock had previously closed at $6.23.
Analyst Ratings Changes
A number of research analysts recently commented on the stock. The Goldman Sachs Group upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price objective for the company from $1.00 to $4.00 in a research note on Wednesday, August 7th. TD Cowen boosted their price objective on Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and raised their target price for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Four equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, Lumen Technologies presently has a consensus rating of “Hold” and an average target price of $3.74.
Lumen Technologies Stock Down 1.7 %
The business’s 50 day simple moving average is $2.65 and its 200 day simple moving average is $1.86. The company has a market capitalization of $6.22 billion, a PE ratio of -0.56 and a beta of 1.14. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 36.89.
Lumen Technologies (NYSE:LUMN – Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same period in the prior year, the business posted $0.10 EPS. The company’s revenue for the quarter was down 10.7% on a year-over-year basis. As a group, analysts forecast that Lumen Technologies, Inc. will post -0.23 EPS for the current year.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the business. Sawgrass Asset Management LLC lifted its position in shares of Lumen Technologies by 68.5% in the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after purchasing an additional 9,263 shares in the last quarter. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Lumen Technologies during the 2nd quarter valued at $26,000. Brighton Jones LLC purchased a new position in shares of Lumen Technologies during the 4th quarter valued at $27,000. HighPoint Advisor Group LLC acquired a new position in shares of Lumen Technologies in the fourth quarter worth $27,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Lumen Technologies during the second quarter worth $33,000. 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.