Lumen Technologies (NYSE:LUMN) Releases Earnings Results, Misses Expectations By $0.04 EPS

Lumen Technologies (NYSE:LUMN) released its earnings results on Tuesday. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.04), Briefing.com reports. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. The business’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.09) EPS.

Lumen Technologies Stock Performance

Shares of LUMN stock opened at $9.01 on Thursday. Lumen Technologies has a 52 week low of $0.97 and a 52 week high of $9.20. The company has a market capitalization of $9.16 billion, a price-to-earnings ratio of -4.29 and a beta of 1.21. The company has a 50-day simple moving average of $6.39 and a 200 day simple moving average of $3.64. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01.

Wall Street Analyst Weigh In

Several research firms have recently commented on LUMN. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $1.75 to $4.00 in a report on Friday, August 16th. Bank of America lifted their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, TD Cowen lowered their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, Lumen Technologies presently has an average rating of “Hold” and an average price target of $4.02.

Insider Buying and Selling at Lumen Technologies

In other news, Director James Fowler purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the acquisition, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.68% of the company’s stock.

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.