Lumen Technologies (NYSE:LUMN) Given New $8.25 Price Target at Citigroup

Lumen Technologies (NYSE:LUMN) had its price target lowered by equities research analysts at Citigroup from $10.00 to $8.25 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. Citigroup’s price target would suggest a potential upside of 29.41% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the company. TD Cowen lifted their target price on Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price target on Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a report on Monday, May 11th. UBS Group lifted their price objective on Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Zacks Research cut Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, The Goldman Sachs Group cut their target price on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a report on Wednesday, August 5th. Nine research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $7.86.

Lumen Technologies Stock Down 4.0%

LUMN stock traded down $0.27 during midday trading on Tuesday, hitting $6.38. The company’s stock had a trading volume of 8,168,360 shares, compared to its average volume of 13,731,379. Lumen Technologies has a 12 month low of $3.75 and a 12 month high of $11.95. The company has a 50 day moving average of $7.33 and a two-hundred day moving average of $7.81. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of -6.23 and a beta of 1.79.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.06. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. The company’s quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.03) EPS. On average, analysts anticipate that Lumen Technologies will post -0.42 earnings per share for the current fiscal year.

Insider Activity

In other Lumen Technologies news, CEO Kathleen E. Johnson purchased 100,000 shares of Lumen Technologies stock in a transaction dated Thursday, August 6th. The shares were acquired at an average price of $6.13 per share, with a total value of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Lumen Technologies

Large investors have recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. purchased a new position in Lumen Technologies in the 4th quarter valued at approximately $25,000. International Assets Investment Management LLC acquired a new stake in shares of Lumen Technologies in the fourth quarter valued at $30,000. Versant Capital Management Inc boosted its holdings in Lumen Technologies by 90.3% in the second quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock valued at $30,000 after purchasing an additional 1,860 shares during the period. Ascentis Independent Advisors purchased a new position in Lumen Technologies in the first quarter valued at $27,000. Finally, Trust Asset Management LLC acquired a new position in Lumen Technologies during the 2nd quarter worth $34,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Company Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.