Lumen Technologies (NYSE:LUMN) Trading Down 4.6% – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN) shares dropped 4.6% on Monday . The stock traded as low as $6.19 and last traded at $6.21. Approximately 4,388,472 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 19,268,873 shares. The stock had previously closed at $6.51.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LUMN. Citigroup increased their price target on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. TD Cowen reduced their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their price objective on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a sell 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 an average price target of $4.71.

Lumen Technologies Price Performance

The company has a market capitalization of $5.88 billion, a P/E ratio of -2.67 and a beta of 1.21. The business’s 50-day simple moving average is $7.15 and its 200 day simple moving average is $4.94. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same period in the previous year, the firm earned ($0.09) earnings per share. Lumen Technologies’s revenue was down 11.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Institutional Investors Weigh In On Lumen Technologies

Several hedge funds have recently modified their holdings of the stock. Concord Wealth Partners lifted its position in shares of Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after acquiring an additional 1,992 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Lumen Technologies in the third quarter valued at $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Lumen Technologies in the third quarter worth $36,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Lumen Technologies during the third quarter valued at $46,000. Finally, GAMMA Investing LLC raised its position in Lumen Technologies by 1,901.8% during the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after buying an additional 6,504 shares during the period. 66.19% of the stock is owned by hedge funds and other institutional investors.

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.