Lumen Technologies (NYSE:LUMN) Stock Price Target Lowered at Citigroup

Lumen Technologies (NYSE:LUMN) had its price objective cut by Citigroup from $8.25 to $5.50 in a report published on Friday,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

A number of other research firms also recently issued reports on LUMN. The Goldman Sachs Group cut their price objective on shares of Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating for the company in a report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. JPMorgan Chase & Co. cut their price target on Lumen Technologies from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Moffett Nathanson upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 target price for the company in a research report on Friday, October 30th. Ten investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $6.19.

Lumen Technologies Price Performance

NYSE LUMN traded up $0.01 on Friday, reaching $3.99. The stock had a trading volume of 18,133,250 shares, compared to its average volume of 13,753,093. The company has a market cap of $4.11 billion, a P/E ratio of -3.91 and a beta of 1.94. The firm has a fifty day moving average of $5.58 and a two-hundred day moving average of $7.15. Lumen Technologies has a 1-year low of $3.84 and a 1-year high of $11.39.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Wednesday, November 4th. The technology company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. The firm had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.73 billion. Research analysts predict that Lumen Technologies will post -0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Maryland State Retirement & Pension System increased its position in Lumen Technologies by 53.3% during the 3rd quarter. Maryland State Retirement & Pension System now owns 211,356 shares of the technology company’s stock worth $1,184,000 after purchasing an additional 73,491 shares in the last quarter. New York Life Investment Management LLC acquired a new stake in Lumen Technologies in the third quarter valued at approximately $785,000. Penn Capital Management Company LLC boosted its position in Lumen Technologies by 6.8% in the third quarter. Penn Capital Management Company LLC now owns 2,719,257 shares of the technology company’s stock valued at $15,257,000 after buying an additional 172,254 shares in the last quarter. Fulcrum Asset Management LLP grew its stake in shares of Lumen Technologies by 266.8% during the third quarter. Fulcrum Asset Management LLP now owns 151,727 shares of the technology company’s stock worth $841,000 after buying an additional 110,367 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Lumen Technologies by 9.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 35,097 shares of the technology company’s stock worth $196,000 after buying an additional 3,009 shares during the last quarter. Institutional investors own 66.19% of the company’s stock.

Key Headlines Impacting Lumen Technologies

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.