Lumen Technologies (NYSE:LUMN) Stock Price Target Cut by Wells Fargo & Company

Lumen Technologies (NYSE:LUMN) had its price target reduced by research analysts at Wells Fargo & Company from $7.50 to $5.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 25.31% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Moffett Nathanson raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 target price for the company in a research note on Friday, October 30th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. The Goldman Sachs Group dropped their price objective on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Finally, Citigroup decreased their price objective on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. Ten analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $6.19.

Lumen Technologies Stock Up 0.3%

LUMN traded up $0.01 during trading on Thursday, hitting $3.99. The company’s stock had a trading volume of 18,133,250 shares, compared to its average volume of 13,753,093. The firm’s 50 day moving average price is $5.58 and its two-hundred day moving average price is $7.15. Lumen Technologies has a 12 month low of $3.84 and a 12 month high of $11.39. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of -3.91 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Wednesday, November 4th. The technology company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.09. The business had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.73 billion. On average, sell-side analysts forecast that Lumen Technologies will post -0.54 earnings per share for the current year.

Institutional Trading of Lumen Technologies

Several institutional investors and hedge funds have recently made changes to their positions in LUMN. Hsbc Holdings PLC bought a new position in shares of Lumen Technologies in the 2nd quarter worth $74,242,000. Bank of New York Mellon Corp boosted its holdings in Lumen Technologies by 87.2% during the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock worth $80,558,000 after buying an additional 4,886,999 shares during the last quarter. BlackRock Inc. grew its position in shares of Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after buying an additional 4,796,141 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Lumen Technologies during the 2nd quarter worth about $24,767,000. Finally, Legal & General Group Plc bought a new stake in shares of Lumen Technologies in the 2nd quarter valued at about $18,541,000. Institutional investors own 66.19% of the company’s stock.

Key Lumen Technologies News

Here are the key news stories impacting Lumen Technologies this week:

• Positive Sentiment: Strategic revenue rose about 10% and reached 55% of total revenue, reflecting demand tied to AI and Lumen’s Network-as-a-Service business. Management also reaffirmed full-year adjusted EBITDA guidance. Earnings call highlights
• Positive Sentiment: Q3 adjusted loss of $0.14 per share was smaller than analysts expected, providing a bottom-line beat despite softer sales. Why Lumen sank
• Neutral Sentiment: Citigroup lowered its price target to $5.50 from $8.25 and JPMorgan cut its target to $6 from $7; both maintained neutral ratings. Their targets remain above LUMN’s recent $3.99 price, but the reductions signal more cautious expectations. Citigroup ratings JPMorgan ratings
• Negative Sentiment: Revenue fell and came in below consensus, while free cash flow turned negative. These trends highlight ongoing pressure in Lumen’s legacy business and help explain the stock’s weakness following results.
• Negative Sentiment: Other firms also reduced targets: Goldman Sachs and Wells Fargo to $5, TD Cowen to $8, and all retained neutral, equal-weight or hold ratings. The broad repricing may reinforce investor caution even though the revised targets imply upside from the recent share price.

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.