Lumen Technologies (NYSE:LUMN) Shares Gap Down to $6.70

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $6.70, but opened at $6.40. Lumen Technologies shares last traded at $6.76, with a volume of 2,947,620 shares traded.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on LUMN shares. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Bank of America increased their price target on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. The Goldman Sachs Group raised Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price target for the stock from $1.00 to $4.00 in a research note on Wednesday, August 7th. UBS Group increased their price target on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, TD Cowen increased their price target on Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. 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, the company presently has an average rating of “Hold” and a consensus target price of $4.02.

Lumen Technologies Stock Performance

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 firm has a market cap of $6.76 billion, a price-to-earnings ratio of -0.61 and a beta of 1.18. The company has a fifty day moving average price of $4.52 and a two-hundred day moving average price of $2.43.

Lumen Technologies (NYSE:LUMN) last released its quarterly 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 net margin of 15.06% and a negative return on equity of 18.52%. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same quarter last year, the business earned $0.10 EPS. The company’s revenue for the quarter was down 10.7% compared to the same quarter last year. As a group, equities research analysts expect that Lumen Technologies, Inc. will post -0.17 EPS for the current year.

Insider Activity at Lumen Technologies

In related news, Director James Fowler purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the transaction, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumen Technologies

A number of institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd purchased a new stake in shares of Lumen Technologies during the 1st quarter worth about $468,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Lumen Technologies by 22.4% during 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. Palestra Capital Management LLC raised its stake in shares of Lumen Technologies by 71.0% during the 4th quarter. Palestra Capital Management LLC now owns 11,167,585 shares of the technology company’s stock worth $20,437,000 after purchasing an additional 4,637,585 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Lumen Technologies by 247.6% during the 1st 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Lumen Technologies by 4.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 827,518 shares of the technology company’s stock worth $1,291,000 after purchasing an additional 36,559 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

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.