Lumen Technologies (NYSE:LUMN) Trading Down 5.9% - Here's Why

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) traded down 5.9% during mid-day trading on Monday . The stock traded as low as $6.36 and last traded at $6.38. 2,809,762 shares were traded during trading, a decline of 86% from the average session volume of 20,261,545 shares. The stock had previously closed at $6.78.

Analyst Ratings Changes

LUMN has been the subject of a number of research reports. The Goldman Sachs Group raised their price target on shares of Lumen Technologies from $4.00 to $4.50 and gave the stock a "neutral" rating in a report on Friday. Bank of America upped their price target on Lumen Technologies from $1.00 to $2.00 and gave the stock an "underperform" rating in a research note on Thursday, August 8th. Citigroup raised Lumen Technologies from a "sell" rating to a "neutral" rating and raised their price objective for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. TD Cowen upped their target price on Lumen Technologies from $2.50 to $7.00 and gave the stock a "hold" rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an "underweight" rating to a "neutral" rating in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $4.09.

Lumen Technologies Price Performance

The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51. The company has a market capitalization of $6.33 billion, a P/E ratio of -0.57 and a beta of 1.19. The business's 50-day moving average is $5.62 and its two-hundred day moving average is $2.82.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the prior year, the company earned $0.10 earnings per share. The business's revenue was down 10.7% on a year-over-year basis. As a group, analysts predict that Lumen Technologies, Inc. will post -0.17 earnings per share for the current year.

Insider Activity at Lumen Technologies

In related news, Director James Fowler bought 10,000 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 1.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted 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 worth $49,000 after purchasing an additional 6,504 shares during the period. HighPoint Advisor Group LLC bought a new stake in Lumen Technologies during the 4th quarter valued at $27,000. Sanctuary Advisors LLC bought a new position in shares of Lumen Technologies in the second quarter worth $25,000. Fidelis Capital Partners LLC grew its position in shares of Lumen Technologies by 94.6% in the first quarter. Fidelis Capital Partners LLC now owns 22,142 shares of the technology company's stock valued at $35,000 after purchasing an additional 10,764 shares in the last quarter. Finally, Sawgrass Asset Management LLC raised its stake in shares of Lumen Technologies by 68.5% during the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company's stock valued at $25,000 after purchasing an additional 9,263 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.