Lumen Technologies (NYSE:LUMN) Shares Gap Down After Analyst Downgrade

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price gapped down before the market opened on Friday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $10.34, but opened at $8.70. Lumen Technologies shares last traded at $9.23, with a volume of 11,386,309 shares trading hands.

Several other brokerages have also recently weighed in on LUMN. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Wednesday, October 8th. Citigroup cut Lumen Technologies from a “buy” rating to a “neutral” rating and set a $11.00 target price on the stock. in a research note on Friday. Raymond James Financial lifted their target price on Lumen Technologies from $4.50 to $5.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Finally, The Goldman Sachs Group lifted their target price on Lumen Technologies from $4.10 to $4.60 and gave the stock a “neutral” rating in a research note on Friday, October 3rd. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Lumen Technologies presently has a consensus rating of “Hold” and an average price target of $5.98.

Insider Activity

In other news, CFO Christopher Stansbury acquired 40,000 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The stock was bought at an average price of $4.44 per share, with a total value of $177,600.00. Following the acquisition, the chief financial officer owned 535,000 shares in the company, valued at $2,375,400. The trade was a 8.08% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kathleen E. Johnson acquired 135,870 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The stock was purchased at an average cost of $3.69 per share, with a total value of $501,360.30. Following the acquisition, the chief executive officer owned 9,616,947 shares in the company, valued at $35,486,534.43. The trade was a 1.43% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders purchased 217,870 shares of company stock valued at $859,140. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lumen Technologies

Several large investors have recently added to or reduced their stakes in the company. Arkadios Wealth Advisors increased its holdings in Lumen Technologies by 10.5% in the 3rd quarter. Arkadios Wealth Advisors now owns 14,154 shares of the technology company’s stock worth $87,000 after acquiring an additional 1,340 shares during the last quarter. CWM LLC increased its holdings in Lumen Technologies by 19.9% in the 3rd quarter. CWM LLC now owns 9,673 shares of the technology company’s stock worth $59,000 after acquiring an additional 1,606 shares during the last quarter. Congress Asset Management Co. increased its holdings in Lumen Technologies by 0.4% in the 3rd quarter. Congress Asset Management Co. now owns 417,147 shares of the technology company’s stock worth $2,553,000 after acquiring an additional 1,780 shares during the last quarter. Merit Financial Group LLC grew its holdings in Lumen Technologies by 9.2% during the 3rd quarter. Merit Financial Group LLC now owns 24,633 shares of the technology company’s stock valued at $151,000 after buying an additional 2,079 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Lumen Technologies by 5.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 42,595 shares of the technology company’s stock valued at $261,000 after buying an additional 2,151 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Down 0.6%

The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 59.98. The firm has a market cap of $10.54 billion, a PE ratio of -8.71 and a beta of 1.45. The stock has a fifty day simple moving average of $6.49 and a two-hundred day simple moving average of $4.93.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Friday, January 27th. The technology company reported $0.49 earnings per share for the quarter. The business had revenue of $4.05 billion during the quarter. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%. As a group, sell-side analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Lumen Technologies Company Profile

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.