Lumen Technologies (NYSE:LUMN) Stock Price Down 5.2% – What’s Next?

Shares of Lumen Technologies, Inc. (NYSE:LUMN) traded down 5.2% during trading on Wednesday. The stock traded as low as $4.50 and last traded at $4.4650. Approximately 10,229,398 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 13,851,384 shares. The stock had previously closed at $4.71.

Analysts Set New Price Targets

Several equities analysts have commented on LUMN shares. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Wells Fargo & Company reduced their price objective on Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 5th. JPMorgan Chase & Co. decreased their target price on Lumen Technologies from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, November 5th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, The Goldman Sachs Group lowered their target price on Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, November 5th. Ten investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $6.19.

Lumen Technologies Stock Down 5.2%

The company’s fifty day moving average is $5.51 and its two-hundred day moving average is $7.11. The stock has a market cap of $4.60 billion, a price-to-earnings ratio of -4.37 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last posted its quarterly 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 firm had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.73 billion. Sell-side analysts predict that Lumen Technologies, Inc. will post -0.54 EPS for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other news, Director Michelle J. Goldberg acquired 25,000 shares of the firm’s stock in a transaction dated Friday, November 6th. The stock was acquired at an average cost of $3.91 per share, with a total value of $97,750.00. Following the transaction, the director owned 101,591 shares in the company, valued at approximately $397,220.81. This trade represents a 32.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kathleen Johnson bought 100,000 shares of the stock in a transaction that occurred on Friday, November 6th. The shares were purchased at an average price of $3.97 per share, with a total value of $397,000.00. Following the purchase, the chief executive officer owned 200,000 shares of the company’s stock, valued at approximately $794,000. This represents a 100.00% increase in their position. The SEC filing for this purchase provides additional information. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

Lumen Technologies Company Profile

Lumen Technologies is a telecommunications and technology company that provides network and digital services primarily to businesses, government agencies, and wholesale customers. Its offerings include fiber and internet connectivity, private networking, voice and collaboration services, cloud connectivity, and managed security solutions. The company serves customers across North America and in international markets through its fiber network and related technology platforms. Lumen has shifted its focus toward enterprise services in recent years, including after selling consumer and local-exchange operations in several states.