Lumen Technologies (NYSE:LUMN) Trading Down 8.7% – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN)’s share price fell 8.7% during mid-day trading on Tuesday . The stock traded as low as $4.61 and last traded at $4.44. 1,649,783 shares changed hands during trading, a decline of 91% from the average session volume of 18,313,282 shares. The stock had previously closed at $4.86.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wells Fargo & Company raised shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 target price on the stock in a research report on Friday, February 21st. Royal Bank of Canada restated a “sector perform” rating and set a $4.25 target price on shares of Lumen Technologies in a report on Monday, February 10th. Finally, Citigroup upgraded Lumen Technologies from a “neutral” rating to a “buy” rating and cut their price target for the company from $8.00 to $6.50 in a report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $4.59.

Lumen Technologies Stock Performance

The business has a 50-day moving average price of $5.00 and a 200-day moving average price of $6.08. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of -92.08 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. As a group, sell-side analysts forecast that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Legacy Investment Solutions LLC purchased a new stake in shares of Lumen Technologies during the third quarter valued at $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Lumen Technologies during the 3rd quarter valued at about $36,000. Smartleaf Asset Management LLC increased its holdings in shares of Lumen Technologies by 173.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company’s stock valued at $36,000 after purchasing an additional 4,277 shares during the period. Lazard Asset Management LLC raised its stake in shares of 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 purchasing an additional 7,307 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Lumen Technologies during the fourth quarter worth about $48,000. Institutional investors and hedge funds 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.