Wells Fargo & Company Upgrades Lumen Technologies (NYSE:LUMN) to Equal Weight

Lumen Technologies (NYSE:LUMN) was upgraded by equities research analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Friday,Finviz reports. The firm currently has a $5.00 price target on the technology company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 6.50% from the stock’s current price.

A number of other equities research analysts also recently weighed in on LUMN. TD Cowen lowered their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Citigroup raised their target price on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.25 price target on shares of Lumen Technologies in a research note on Monday, February 10th. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, Lumen Technologies currently has a consensus rating of “Hold” and a consensus price target of $4.78.

Lumen Technologies Price Performance

NYSE LUMN opened at $4.70 on Friday. Lumen Technologies has a 52 week low of $0.97 and a 52 week high of $10.33. The company has a market cap of $4.76 billion, a PE ratio of -93.88 and a beta of 1.28. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The firm’s 50-day simple moving average is $5.38 and its two-hundred day simple moving average is $6.17.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. Research analysts predict that Lumen Technologies will post -0.87 earnings per share for the current year.

Hedge Funds Weigh In On Lumen Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in LUMN. Mackenzie Financial Corp raised its position in shares of Lumen Technologies by 1,127.7% in the 4th quarter. Mackenzie Financial Corp now owns 790,031 shares of the technology company’s stock worth $4,195,000 after purchasing an additional 725,681 shares during the last quarter. Forum Financial Management LP raised its position in shares of Lumen Technologies by 72.5% in the 4th quarter. Forum Financial Management LP now owns 27,552 shares of the technology company’s stock worth $146,000 after purchasing an additional 11,581 shares during the last quarter. Breakthru Advisory Services LLC purchased a new position in shares of Lumen Technologies in the 4th quarter worth about $107,000. Alpine Global Management LLC purchased a new position in shares of Lumen Technologies in the 4th quarter worth about $166,000. Finally, DCM Advisors LLC raised its position in shares of Lumen Technologies by 45.7% in the 4th quarter. DCM Advisors LLC now owns 41,672 shares of the technology company’s stock worth $221,000 after purchasing an additional 13,072 shares during the last quarter. Hedge funds and other 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.