Lumen Technologies (NYSE:LUMN) Trading Down 2.1% - Here's What Happened

Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) dropped 2.1% on Monday . The company traded as low as $5.95 and last traded at $6.07. Approximately 2,432,436 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 19,982,547 shares. The stock had previously closed at $6.20.

Analysts Set New Price Targets

A number of brokerages recently commented on LUMN. JPMorgan Chase & Co. raised Lumen Technologies from an "underweight" rating to a "neutral" rating in a research note on Wednesday, August 7th. TD Cowen upped their price target on Lumen Technologies from $2.50 to $7.00 and gave the company a "hold" rating in a research note on Wednesday, August 7th. Bank of America lifted their price objective on shares of 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 shares of Lumen Technologies from a "sell" rating to a "neutral" rating and upped their target price for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. Finally, Moffett Nathanson boosted their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a "sell" rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $4.09.

Lumen Technologies Price Performance

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of -0.56 and a beta of 1.19. The company has a 50 day simple moving average of $6.04 and a 200-day simple moving average of $3.01.

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). The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The company's revenue was down 10.7% compared to the same quarter last year. During the same period last year, the company earned $0.10 EPS. Research analysts expect that Lumen Technologies, Inc. will post -0.18 EPS for the current year.

Insiders Place Their Bets

In related 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 cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the transaction, the director now owns 384,056 shares of the company's stock, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.68% of the company's stock.

Institutional Trading of Lumen Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning raised its stake in Lumen Technologies by 8.2% in the third quarter. Creative Planning now owns 323,628 shares of the technology company's stock valued at $2,298,000 after buying an additional 24,565 shares during the period. ORG Wealth Partners LLC bought a new stake in Lumen Technologies in the 3rd quarter valued at $59,000. Sound Income Strategies LLC lifted its holdings in Lumen Technologies by 2,688.2% during the 3rd quarter. Sound Income Strategies LLC now owns 10,372 shares of the technology company's stock valued at $74,000 after purchasing an additional 10,000 shares during the last quarter. CWM LLC boosted its position in Lumen Technologies by 49.6% during the third quarter. CWM LLC now owns 15,692 shares of the technology company's stock worth $111,000 after purchasing an additional 5,202 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Lumen Technologies by 1,901.8% in the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company's stock valued at $49,000 after purchasing an additional 6,504 shares during the period. 66.19% of the stock is 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.