Lumen Technologies (NYSE:LUMN) Trading Down 5.9% - Should You Sell?
Lumen Technologies (NYSE:LUMN) shares fell 5.9% to $0.38, with trading volume down 86% from average levels. Analysts have mixed ratings, with Goldman Sachs raising its price target to $0.50 and Citigroup upgrading to neutral. The company reported a quarterly loss of $0.13 EPS, missing estimates, and a 10.7% revenue decline year-over-year. Insider buying occurred, with Director James Fowler purchasing 10,000 shares. Hedge funds have also increased their stakes in the company, which has a market cap of $3.37 billion and a negative return on equity of 18.52%.
Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) were down 5.9% during trading on Monday . The stock traded as low as $6.36 and last traded at $6.38. Approximately 2,809,762 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 20,261,545 shares. The stock had previously closed at $6.78.
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Analyst Ratings Changes
- MarketBeat Week in Review – 8/26 - 8/30
Several research firms have issued reports on LUMN. The Goldman Sachs Group increased their price objective on Lumen Technologies from $4.00 to $4.50 and gave the stock a "neutral" rating in a research note on Friday. Citigroup upgraded shares of Lumen Technologies from a "sell" rating to a "neutral" rating and upped their target price for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Moffett Nathanson raised 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. 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 target price on Lumen Technologies from $1.50 to $5.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $4.09.
View Our Latest Report on LUMN
Lumen Technologies Stock Performance
- Lumen: Among Top Performers Last Month, Still Has Warning Signs
The company has a market capitalization of $6.37 billion, a P/E ratio of -0.57 and a beta of 1.19. The stock's fifty day moving average price is $5.62 and its 200-day moving average price is $2.82. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01.
Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its 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 firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same period in the prior year, the business posted $0.10 EPS. The firm's quarterly revenue was down 10.7% compared to the same quarter last year. As a group, research analysts anticipate that Lumen Technologies, Inc. will post -0.17 EPS for the current fiscal year.
Insider Buying and Selling at Lumen Technologies
- 3 Over-Hyped Stocks to Sell Now
In other Lumen Technologies news, Director James Fowler purchased 10,000 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the transaction, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.68% of the company's stock.
Hedge Funds Weigh In On Lumen Technologies
A number of hedge funds have recently modified their holdings of the business. Quadrature Capital Ltd bought a new position in Lumen Technologies during the 1st quarter worth approximately $468,000. Mitsubishi UFJ Trust & Banking Corp grew its position in Lumen Technologies by 22.4% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company's stock worth $3,198,000 after purchasing an additional 401,399 shares in the last quarter. Front Street Capital Management Inc. lifted its position in shares of Lumen Technologies by 30.1% during the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company's stock worth $12,827,000 after buying an additional 2,697,423 shares in the last quarter. Palestra Capital Management LLC increased its position in shares of Lumen Technologies by 71.0% during the fourth quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company's stock valued at $20,437,000 after acquiring an additional 4,637,585 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in Lumen Technologies by 247.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 1,143,468 shares of the technology company's stock worth $1,784,000 after purchasing an additional 814,474 shares during the last quarter. Institutional investors and hedge funds own 66.19% of the company's stock.
Lumen Technologies Company Profile
(Get Free Report)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.
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