Lumen Technologies (NYSE:LUMN) Sets New 12-Month Low – Here’s Why

Lumen Technologies, Inc. (NYSE:LUMN)’s share price reached a new 52-week low during trading on Thursday. The stock traded as low as $4.25 and last traded at $4.4050, with a volume of 615,926 shares trading hands. The stock had previously closed at $4.46.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on LUMN. Citigroup cut their price target on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. The Goldman Sachs Group lowered their price objective on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research note on Wednesday, August 5th. Wells Fargo & Company dropped their price objective on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a report on Wednesday, August 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Nine research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Lumen Technologies presently has a consensus rating of “Reduce” and an average target price of $7.86.

Lumen Technologies Price Performance

The firm has a market capitalization of $4.51 billion, a price-to-earnings ratio of -4.29 and a beta of 1.84. The stock has a fifty day moving average of $5.97 and a two-hundred day moving average of $7.28.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.06. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same period in the previous year, the firm posted ($0.03) earnings per share. The firm’s quarterly revenue was down 9.3% compared to the same quarter last year. On average, research analysts forecast that Lumen Technologies, Inc. will post -0.54 EPS for the current year.

Insider Activity

In related news, CEO Kathleen Johnson acquired 100,000 shares of the stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the transaction, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at $613,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by company insiders.

Institutional Trading of Lumen Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Robertson Stephens Wealth Management LLC lifted its stake in Lumen Technologies by 151.5% in the third quarter. Robertson Stephens Wealth Management LLC now owns 106,024 shares of the technology company’s stock valued at $594,000 after buying an additional 63,867 shares during the period. Avior Wealth Management LLC grew its position in shares of Lumen Technologies by 7.4% during the 3rd quarter. Avior Wealth Management LLC now owns 71,204 shares of the technology company’s stock worth $399,000 after buying an additional 4,933 shares during the period. Congress Asset Management Co. grew its position in shares of Lumen Technologies by 21.3% during the 3rd quarter. Congress Asset Management Co. now owns 1,191,427 shares of the technology company’s stock worth $6,672,000 after buying an additional 209,416 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Lumen Technologies by 2.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 122,070 shares of the technology company’s stock valued at $937,000 after acquiring an additional 2,936 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Lumen Technologies by 55.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 65,258 shares of the technology company’s stock valued at $501,000 after acquiring an additional 23,259 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Company Profile

Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.

The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.