Lumen Technologies (NYSE:LUMN) Price Target Cut to $6.00 by Analysts at TD Cowen

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

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company cut Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Moffett Nathanson raised their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and upped their price objective for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, UBS Group upped their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, Lumen Technologies presently has a consensus rating of “Hold” and an average target price of $4.02.

Lumen Technologies Stock Up 4.4 %

Shares of NYSE LUMN opened at $9.59 on Wednesday. The company has a 50 day simple moving average of $6.56 and a 200 day simple moving average of $3.75. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.01. Lumen Technologies has a 1 year low of $0.97 and a 1 year high of $9.84. The firm has a market cap of $9.73 billion, a PE ratio of -4.42 and a beta of 1.21.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the previous year, the business posted ($0.09) EPS. Lumen Technologies’s revenue was down 11.5% on a year-over-year basis. On average, research analysts forecast that Lumen Technologies will post -0.59 EPS for the current year.

Insiders Place Their Bets

In other news, Director James Fowler bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the transaction, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On Lumen Technologies

A number of hedge funds have recently added to or reduced their stakes in the company. Concord Wealth Partners lifted its holdings in shares of 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 purchasing an additional 1,992 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Lumen Technologies during the third quarter worth $46,000. GAMMA Investing LLC lifted its stake in shares of Lumen Technologies by 1,901.8% in the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after buying an additional 6,504 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in shares of Lumen Technologies during the third quarter valued at about $59,000. Finally, Stableford Capital II LLC bought a new stake in shares of Lumen Technologies during the third quarter worth about $71,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

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.