Lumen Technologies (NYSE:LUMN) Shares Down 3% - Here's Why

Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) dropped 3% during mid-day trading on Tuesday . The stock traded as low as $6.31 and last traded at $6.37. Approximately 5,376,027 shares traded hands during trading, a decline of 73% from the average daily volume of 19,948,723 shares. The stock had previously closed at $6.57.

Analysts Set New Price Targets

A number of brokerages recently commented on LUMN. Bank of America boosted 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. JPMorgan Chase & Co. upgraded Lumen Technologies from an "underweight" rating to a "neutral" rating in a research note on Wednesday, August 7th. Citigroup upgraded shares of Lumen Technologies from a "sell" rating to a "neutral" rating and raised their price target for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. UBS Group upped their price target 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, The Goldman Sachs Group upped their target price on Lumen Technologies from $4.00 to $4.50 and gave the company a "neutral" rating in a research report on Friday, October 4th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. According to MarketBeat.com, Lumen Technologies has a consensus rating of "Hold" and an average target price of $4.09.

Lumen Technologies Price Performance

The stock has a fifty day moving average of $6.14 and a 200 day moving average of $3.19. 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 stock has a market cap of $6.23 billion, a price-to-earnings ratio of -0.57 and a beta of 1.19.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The business had revenue of $3.27 billion during the quarter, compared to analysts' expectations of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The firm's revenue was down 10.7% on a year-over-year basis. During the same period last year, the company earned $0.10 earnings per share. On average, analysts expect that Lumen Technologies, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In other news, Director James Fowler acquired 10,000 shares of the company's stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $4.70 per share, with a total value 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.68% of the company's stock.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Lumen Technologies during the 3rd quarter worth about $46,000. GAMMA Investing LLC raised its holdings in shares of Lumen Technologies by 1,901.8% during the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company's stock valued at $49,000 after acquiring an additional 6,504 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Lumen Technologies in the third quarter valued at approximately $59,000. Stableford Capital II LLC acquired a new stake in shares of Lumen Technologies in the third quarter worth approximately $71,000. Finally, Sound Income Strategies LLC raised its stake in Lumen Technologies by 2,688.2% in 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. Hedge funds and other 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.