Lumen Technologies (NYSE:LUMN) Stock Price Expected to Rise, Citigroup Analyst Says

Lumen Technologies (NYSE:LUMN - Get Free Report) had its target price hoisted by investment analysts at Citigroup from $6.50 to $8.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the technology company's stock. Citigroup's price objective suggests a potential upside of 8.99% from the company's previous close.

Several other research firms have also commented on LUMN. Wells Fargo & Company lowered Lumen Technologies from an "equal weight" rating to an "underweight" rating and lifted their price target for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. JPMorgan Chase & Co. raised Lumen Technologies from an "underweight" rating to a "neutral" rating in a research report on Wednesday, August 7th. The Goldman Sachs Group raised their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Bank of America boosted their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an "underperform" rating in a research report on Thursday, August 8th. Finally, TD Cowen dropped their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Wednesday, November 6th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $4.71.

Lumen Technologies Price Performance

Shares of LUMN traded down $0.03 during mid-day trading on Friday, hitting $7.34. 5,281,455 shares of the stock were exchanged, compared to its average volume of 19,638,883. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20. The company has a market cap of $7.45 billion, a PE ratio of -3.38 and a beta of 1.21. Lumen Technologies has a 52-week low of $0.97 and a 52-week high of $10.33. The firm has a 50-day moving average of $7.25 and a two-hundred day moving average of $4.45.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly 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 net margin of 16.06% and a negative return on equity of 49.74%. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.21 billion. During the same period in the previous year, the company earned ($0.09) EPS. Lumen Technologies's revenue for the quarter was down 11.5% compared to the same quarter last year. On average, equities analysts predict that Lumen Technologies will post -0.38 earnings per share for the current year.

Insider Activity

In related news, Director James Fowler acquired 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the acquisition, the director now directly owns 384,056 shares of the company's stock, valued at $1,805,063.20. This represents a 2.67 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.68% of the company's stock.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. grew its position in shares of Lumen Technologies by 66.8% during the 3rd quarter. Franklin Resources Inc. now owns 560,793 shares of the technology company's stock worth $3,982,000 after buying an additional 224,506 shares in the last quarter. Virtu Financial LLC purchased a new stake in Lumen Technologies in the third quarter worth about $473,000. Neo Ivy Capital Management bought a new position in Lumen Technologies during the 3rd quarter worth about $570,000. Coldstream Capital Management Inc. purchased a new position in Lumen Technologies during the 3rd quarter valued at about $125,000. Finally, Geode Capital Management LLC raised its holdings in shares of Lumen Technologies by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company's stock valued at $165,776,000 after purchasing an additional 383,693 shares in the last quarter. 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.