Lumen Technologies (NYSE:LUMN) Sets New 52-Week Low – Time to Sell?

Lumen Technologies, Inc. (NYSE:LUMN) shares hit a new 52-week low during trading on Monday. The stock traded as low as $5.50 and last traded at $5.5420, with a volume of 737578 shares changing hands. The stock had previously closed at $5.71.

Analyst Ratings Changes

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

Lumen Technologies Stock Down 1.8%

The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of -5.47 and a beta of 1.78. The business’s 50-day moving average is $6.40 and its 200-day moving average is $7.47.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share 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. Lumen Technologies’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) earnings per share. As a group, analysts expect that Lumen Technologies, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Legal & General Group Plc acquired a new stake in shares of Lumen Technologies during the 2nd quarter worth approximately $18,541,000. Hsbc Holdings PLC increased its holdings in shares of Lumen Technologies by 10.5% during the 2nd quarter. Hsbc Holdings PLC now owns 9,685,625 shares of the technology company’s stock valued at $74,242,000 after purchasing an additional 919,605 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of Lumen Technologies in the 2nd quarter valued at $3,980,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Lumen Technologies during the second quarter worth $2,513,000. Finally, Allianz Asset Management GmbH boosted its holdings in Lumen Technologies by 18.7% during the second quarter. Allianz Asset Management GmbH now owns 10,074,316 shares of the technology company’s stock worth $77,371,000 after buying an additional 1,585,083 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Company Profile

Lumen Technologies, Inc (NYSE: LUMN) is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.

The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.