Lumen Technologies (NYSE:LUMN) Receives "Sector Perform" Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Lumen Technologies (NYSE:LUMN - Free Report) in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a $4.25 target price on the technology company's stock, up from their previous target price of $4.00.

Several other equities research analysts also recently commented on the company. The Goldman Sachs Group raised their target price on Lumen Technologies from $4.50 to $5.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. TD Cowen dropped their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Wednesday, November 6th. Finally, Citigroup upped their target price on shares of Lumen Technologies from $6.50 to $8.00 and gave the company a "neutral" rating in a research note on Friday, November 29th. Three research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, Lumen Technologies currently has a consensus rating of "Hold" and a consensus target price of $4.66.

Lumen Technologies Trading Down 2.3 %

LUMN traded down $0.14 during trading on Friday, hitting $5.92. 42,967,137 shares of the company's stock were exchanged, compared to its average volume of 19,363,441. Lumen Technologies has a 1 year low of $0.97 and a 1 year high of $10.33. The stock has a 50 day moving average price of $7.14 and a 200 day moving average price of $4.95. The firm has a market cap of $6.01 billion, a P/E ratio of -2.73 and a beta of 1.21. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The firm's revenue for the quarter was down 11.5% on a year-over-year basis. During the same period last year, the company posted ($0.09) earnings per share. As a group, analysts expect that Lumen Technologies will post -0.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LUMN. Sanctuary Advisors LLC acquired a new position in shares of Lumen Technologies in the 2nd quarter worth approximately $25,000. ANTIPODES PARTNERS Ltd bought a new position in Lumen Technologies during the second quarter worth $26,000. Concord Wealth Partners boosted its holdings in Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company's stock worth $28,000 after purchasing an additional 1,992 shares during the period. Legacy Investment Solutions LLC bought a new stake in Lumen Technologies during the third quarter valued at $30,000. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in shares of Lumen Technologies during the second quarter worth $33,000. 66.19% of the stock is owned by institutional investors and hedge funds.

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.