Lumen Technologies (NYSE:LUMN) Shares Down 1.8%

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report)'s stock price dropped 1.8% on Tuesday . The stock traded as low as $5.53 and last traded at $5.58. Approximately 2,391,750 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 20,516,801 shares. The stock had previously closed at $5.68.

Analysts Set New Price Targets

Several brokerages recently commented on LUMN. TD Cowen raised 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. The Goldman Sachs Group raised shares of Lumen Technologies from a "sell" rating to a "neutral" rating and upped their price objective for the company from $1.00 to $4.00 in a research note on Wednesday, August 7th. Wells Fargo & Company downgraded shares of Lumen Technologies from an "equal weight" rating to an "underweight" rating and increased their price target for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. Bank of America upped their price objective on Lumen Technologies from $1.00 to $2.00 and gave the stock an "underperform" rating in a report on Thursday, August 8th. Finally, UBS Group boosted their price target on Lumen Technologies from $1.50 to $5.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Three 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, the stock has an average rating of "Hold" and an average target price of $4.02.

Lumen Technologies Price Performance

The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $5.45 billion, a PE ratio of -0.49 and a beta of 1.17. The company has a 50-day moving average price of $3.69 and a two-hundred day moving average price of $2.18.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The company had revenue of $3.27 billion during the quarter, compared to analysts' expectations of $3.25 billion. During the same quarter in the prior year, the company earned $0.10 EPS. The firm's revenue was down 10.7% compared to the same quarter last year. Sell-side analysts expect that Lumen Technologies, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other Lumen Technologies news, Director James Fowler purchased 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares of the company's stock, valued at approximately $1,805,063.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Lumen Technologies

Several hedge funds have recently made changes to their positions in LUMN. Sanctuary Advisors LLC acquired a new stake in Lumen Technologies in the 2nd quarter valued at approximately $25,000. Algert Global LLC acquired a new position in shares of Lumen Technologies during the second quarter valued at $112,000. Mackenzie Financial Corp lifted its holdings in Lumen Technologies by 267.4% in the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company's stock worth $260,000 after purchasing an additional 172,040 shares during the period. The Manufacturers Life Insurance Company grew its position in Lumen Technologies by 2.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 509,861 shares of the technology company's stock valued at $561,000 after buying an additional 9,922 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Lumen Technologies by 129.8% during the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company's stock valued at $8,640,000 after buying an additional 4,436,710 shares during the period. Institutional investors 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.