Lumen Technologies (NYSE:LUMN) Given New $2.00 Price Target at Bank of America

Lumen Technologies (NYSE:LUMN) had its target price lifted by Bank of America from $1.00 to $2.00 in a report issued on Thursday morning, Benzinga reports. They currently have an underperform rating on the technology company’s stock.

Other research analysts have also issued research reports about the stock. TD Cowen increased their target price on shares of Lumen Technologies from $2.50 to $7.00 and gave the stock a hold rating in a research report on Wednesday. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an underweight rating to a neutral rating in a research report on Wednesday. Citigroup upgraded shares of Lumen Technologies from a sell rating to a neutral rating and increased their target price for the stock from $1.25 to $3.15 in a research report on Tuesday. UBS Group upped their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a neutral rating in a report on Wednesday. Finally, The Goldman Sachs Group raised shares of Lumen Technologies from a sell rating to a neutral rating and upped their price target for the stock from $1.00 to $4.00 in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $3.53.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock traded up $0.20 during trading on Thursday, hitting $5.58. 65,412,148 shares of the stock were exchanged, compared to its average volume of 19,439,184. Lumen Technologies has a 1-year low of $0.78 and a 1-year high of $7.83. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of -0.51 and a beta of 1.14. The company has a fifty day moving average price of $1.75 and a 200-day moving average price of $1.55. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 36.89.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 76.21% and a positive return on equity of 4.06%. 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 company posted $0.10 EPS. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. As a group, equities analysts predict that Lumen Technologies will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its stake in Lumen Technologies by 11.6% in the 2nd quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after purchasing an additional 919,300 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of Lumen Technologies by 0.9% in the second quarter. Texas Permanent School Fund Corp now owns 888,228 shares of the technology company’s stock worth $977,000 after purchasing an additional 7,922 shares during the last quarter. Choreo LLC grew its stake in shares of Lumen Technologies by 68.3% in the second quarter. Choreo LLC now owns 281,902 shares of the technology company’s stock worth $313,000 after purchasing an additional 114,391 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Lumen Technologies by 2.0% in the second quarter. Arizona State Retirement System now owns 282,687 shares of the technology company’s stock worth $311,000 after purchasing an additional 5,418 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd bought a new stake in shares of Lumen Technologies in the second quarter worth $26,000. Institutional investors own 66.19% of the company’s stock.

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.