Analysts Set Lumen Technologies, Inc. (NYSE:LUMN) Price Target at $7.91

Lumen Technologies, Inc. (NYSE:LUMN) has been assigned a consensus recommendation of “Reduce” from the eleven research firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $7.9063.

Several equities research analysts recently commented on LUMN shares. JPMorgan Chase & Co. lifted their price objective on Lumen Technologies from $6.00 to $7.00 and gave the stock 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 report on Wednesday, May 6th. Wells Fargo & Company boosted their price target on Lumen Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, May 3rd.

Lumen Technologies Stock Performance

NYSE LUMN opened at $9.39 on Tuesday. Lumen Technologies has a one year low of $3.37 and a one year high of $11.95. The stock has a 50-day moving average of $8.08 and a 200 day moving average of $8.07. The company has a market capitalization of $9.67 billion, a price-to-earnings ratio of -5.39 and a beta of 1.65.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.34). The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.83 billion. During the same period last year, the firm earned ($0.13) EPS. The business’s quarterly revenue was down 8.9% compared to the same quarter last year. On average, equities analysts predict that Lumen Technologies will post -0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumen Technologies

A number of large investors have recently made changes to their positions in LUMN. JPMorgan Chase & Co. grew its stake in shares of Lumen Technologies by 324.7% during the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock valued at $172,585,000 after purchasing an additional 16,981,326 shares during the period. Norges Bank bought a new stake in shares of Lumen Technologies during the 4th quarter valued at about $106,557,000. Price T Rowe Associates Inc. MD grew its stake in shares of Lumen Technologies by 737.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,043,124 shares of the technology company’s stock valued at $62,496,000 after purchasing an additional 7,082,560 shares during the period. Trexquant Investment LP grew its stake in shares of Lumen Technologies by 481.2% during the 4th quarter. Trexquant Investment LP now owns 5,605,410 shares of the technology company’s stock valued at $43,554,000 after purchasing an additional 4,640,911 shares during the period. Finally, Penn Capital Management Company LLC bought a new stake in shares of Lumen Technologies during the 3rd quarter valued at about $16,837,000. 66.19% of the stock is currently owned by institutional investors.

About Lumen Technologies

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.