TD Cowen Lowers Lumen Technologies (NYSE:LUMN) Price Target to $6.00

Lumen Technologies (NYSE:LUMN) had its price target lowered by TD Cowen from $7.00 to $6.00 in a report published on Wednesday, Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

LUMN has been the topic of several other research reports. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their target price for the company from $1.75 to $4.00 in a report on Friday, August 16th. Bank of America upped their target price on Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research report on Thursday, August 8th. Moffett Nathanson lifted their target price on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Finally, UBS Group lifted their price objective on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $4.02.

Lumen Technologies Trading Down 1.8 %

Shares of NYSE:LUMN traded down $0.16 during midday trading on Wednesday, hitting $8.86. 4,743,271 shares of the stock were exchanged, compared to its average volume of 19,899,355. The business’s 50-day moving average price is $6.39 and its 200 day moving average price is $3.64. Lumen Technologies has a 12 month low of $0.97 and a 12 month high of $9.20. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of -4.29 and a beta of 1.21.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. Lumen Technologies had a negative return on equity of 18.52% and a negative net margin of 15.06%. Lumen Technologies’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) EPS. Analysts predict that Lumen Technologies will post -0.59 earnings per share for the current year.

Insider Buying and Selling at Lumen Technologies

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the purchase, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On Lumen Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in LUMN. Sawgrass Asset Management LLC raised its holdings in shares of Lumen Technologies by 68.5% in the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after acquiring an additional 9,263 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Lumen Technologies in the second quarter valued at approximately $25,000. ANTIPODES PARTNERS Ltd bought a new stake in Lumen Technologies during the second quarter valued at approximately $26,000. Concord Wealth Partners grew its stake in Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after buying an additional 1,992 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of Lumen Technologies in the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

About Lumen Technologies

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.