Lumen Technologies (NYSE:LUMN) Shares Down 6.5% – What’s Next?

Shares of Lumen Technologies, Inc. (NYSE:LUMN) traded down 6.5% on Friday. The stock traded as low as $5.34 and last traded at $5.1980. Approximately 1,692,839 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 13,467,706 shares. The stock had previously closed at $5.56.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Citigroup decreased their target price on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. Wells Fargo & Company dropped their price target on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a report on Wednesday, August 5th. 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 report on Wednesday, August 5th. Finally, Weiss Ratings reaffirmed 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 company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $7.86.

Lumen Technologies Stock Down 6.0%

The firm has a market capitalization of $5.39 billion, a PE ratio of -5.14 and a beta of 1.84. The stock’s fifty day simple moving average is $6.26 and its 200 day simple moving average is $7.41.

Lumen Technologies (NYSE:LUMN) last issued 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 business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.74 billion. The company’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.03) EPS. On average, analysts predict that Lumen Technologies, Inc. will post -0.54 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Kathleen Johnson purchased 100,000 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was acquired at an average price of $6.13 per share, with a total value of $613,000.00. Following the completion of the acquisition, the chief executive officer owned 100,000 shares of the company’s stock, valued at approximately $613,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Versant Capital Management Inc increased its holdings in Lumen Technologies by 90.3% in the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock worth $30,000 after acquiring an additional 1,860 shares in the last quarter. Ascentis Independent Advisors bought a new position in shares of Lumen Technologies in the first quarter worth approximately $27,000. Trust Asset Management LLC purchased a new stake in shares of Lumen Technologies in the second quarter worth $34,000. Triumph Capital Management increased its stake in shares of Lumen Technologies by 2,110.2% in the second quarter. Triumph Capital Management now owns 5,614 shares of the technology company’s stock worth $43,000 after purchasing an additional 5,360 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new stake in shares of Lumen Technologies during the 2nd quarter valued at $45,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Company Profile

Lumen Technologies, Inc is a telecommunications and technology company that provides connectivity, networking, cloud, security and communications services to businesses, government organizations and other customers. Its offerings include fiber-based internet access, wide-area networking, software-defined networking, managed network services, cybersecurity, voice and unified communications, and data center and edge-computing solutions.

The company also serves residential customers in selected U.S.