Lumen Technologies (NYSE:LUMN) Trading Down 7.6% – Here’s What Happened

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price fell 7.6% during mid-day trading on Monday . The company traded as low as $6.46 and last traded at $6.47. 7,271,895 shares changed hands during trading, a decline of 63% from the average session volume of 19,469,533 shares. The stock had previously closed at $7.00.

Analyst Upgrades and Downgrades

LUMN has been the topic of several research reports. Citigroup boosted their target price on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. The Goldman Sachs Group lifted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. TD Cowen reduced their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Finally, Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $4.71.

Lumen Technologies Stock Down 7.1 %

The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a 50-day moving average price of $7.21 and a 200-day moving average price of $4.68.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) EPS. As a group, equities research analysts anticipate that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Stephens Inc. AR lifted its position in Lumen Technologies by 7.7% during the third quarter. Stephens Inc. AR now owns 27,070 shares of the technology company’s stock worth $192,000 after purchasing an additional 1,935 shares during the period. Concord Wealth Partners raised its stake in shares of Lumen Technologies by 98.8% during the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after acquiring an additional 1,992 shares during the last quarter. US Bancorp DE increased its holdings in Lumen Technologies by 18.6% in the third quarter. US Bancorp DE now owns 15,012 shares of the technology company’s stock valued at $107,000 after purchasing an additional 2,350 shares during the period. Xponance Inc. grew its holdings in Lumen Technologies by 4.0% during the 2nd quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after acquiring an additional 2,487 shares during the period. Finally, Arkadios Wealth Advisors lifted its stake in shares of Lumen Technologies by 23.6% in the 3rd quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company’s stock valued at $95,000 after purchasing an additional 2,554 shares during the period. Institutional investors own 66.19% 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.