Lumen Technologies (NYSE:LUMN) Shares Down 8.2% - Here's Why

Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) fell 8.2% on Tuesday . The stock traded as low as $7.42 and last traded at $7.46. 3,415,937 shares changed hands during trading, a decline of 83% from the average session volume of 19,824,916 shares. The stock had previously closed at $8.13.

Analyst Ratings Changes

A number of analysts recently issued reports on LUMN shares. Wells Fargo & Company downgraded Lumen Technologies from an "equal weight" rating to an "underweight" rating and lifted their target price for the company from $1.75 to $4.00 in a research report on Friday, August 16th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an "underweight" rating to a "neutral" rating in a report on Wednesday, August 7th. Moffett Nathanson lifted their price objective on Lumen Technologies from $1.00 to $3.00 and gave the stock a "sell" rating in a research report on Wednesday, August 7th. TD Cowen decreased their price objective on Lumen Technologies from $7.00 to $6.00 and set a "hold" rating for the company in a report on Wednesday, November 6th. Finally, Citigroup upgraded Lumen Technologies from a "sell" rating to a "neutral" rating and increased their target price for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. Based on data from MarketBeat.com, Lumen Technologies presently has a consensus rating of "Hold" and a consensus target price of $4.02.

Lumen Technologies Price Performance

The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market cap of $7.86 billion, a PE ratio of -3.44 and a beta of 1.21. The stock's 50-day moving average is $6.98 and its 200 day moving average is $4.09.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.04). The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. Lumen Technologies's revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.09) earnings per share. On average, equities analysts anticipate that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James Fowler purchased 10,000 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the purchase, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. This represents a 2.67 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.68% of the company's stock.

Hedge Funds Weigh In On Lumen Technologies

A number of hedge funds have recently added to or reduced their stakes in LUMN. Millennium Management LLC boosted its holdings in Lumen Technologies by 129.8% in the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company's stock worth $8,640,000 after purchasing an additional 4,436,710 shares during the period. Front Street Capital Management Inc. boosted its holdings in shares of Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company's stock valued at $12,827,000 after acquiring an additional 2,697,423 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Lumen Technologies by 1,081.0% during the third quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company's stock valued at $16,819,000 after acquiring an additional 2,168,325 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Lumen Technologies by 1.7% during the first quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company's stock valued at $187,673,000 after acquiring an additional 1,975,400 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Lumen Technologies during the third quarter valued at $10,062,000. 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.

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