Lumen Technologies (NYSE:LUMN) Shares Gap Down - Time to Sell?

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $6.48, but opened at $6.30. Lumen Technologies shares last traded at $6.29, with a volume of 1,259,681 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Bank of America increased their target price on Lumen Technologies from $1.00 to $2.00 and gave the stock an "underperform" rating in a report on Thursday, August 8th. JPMorgan Chase & Co. upgraded Lumen Technologies from an "underweight" rating to a "neutral" rating in a research report on Wednesday, August 7th. TD Cowen boosted their price objective on shares of Lumen Technologies from $2.50 to $7.00 and gave the company a "hold" rating in a research note on Wednesday, August 7th. UBS Group boosted their target price on Lumen Technologies from $1.50 to $5.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Finally, Moffett Nathanson raised their target price on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a "sell" rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $4.09.

Lumen Technologies Stock Performance

The company has a market cap of $6.37 billion, a P/E ratio of -0.59 and a beta of 1.19. The business's 50 day simple moving average is $5.85 and its 200 day simple moving average is $2.91. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results 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 negative net margin of 15.06% and a negative return on equity of 18.52%. The firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the previous year, the company posted $0.10 earnings per share. Lumen Technologies's quarterly revenue was down 10.7% on a year-over-year basis. Sell-side analysts predict that Lumen Technologies, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

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 purchased at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the purchase, the director now directly owns 384,056 shares of the company's stock, valued at $1,805,063.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 1.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumen Technologies

A number of large investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its position in Lumen Technologies by 1,901.8% during the 3rd quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company's stock worth $49,000 after acquiring an additional 6,504 shares during the period. HighPoint Advisor Group LLC purchased a new stake in Lumen Technologies in the fourth quarter valued at approximately $27,000. CWM LLC increased its holdings in Lumen Technologies by 49.6% in the 3rd quarter. CWM LLC now owns 15,692 shares of the technology company's stock worth $111,000 after buying an additional 5,202 shares during the period. Sanctuary Advisors LLC purchased a new position in Lumen Technologies during the 2nd quarter worth approximately $25,000. Finally, Fidelis Capital Partners LLC boosted its holdings in shares of Lumen Technologies by 94.6% in the 1st quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company's stock valued at $35,000 after acquiring an additional 10,764 shares during the last quarter. 66.19% of the stock is owned by hedge funds and other 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.