Lumen Technologies (NYSE:LUMN) Upgraded by Citigroup to Buy Rating

Lumen Technologies (NYSE:LUMN) was upgraded by Citigroup from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $6.50 price objective on the technology company’s stock, down from their prior price objective of $8.00. Citigroup’s price objective indicates a potential upside of 44.93% from the company’s previous close.

LUMN has been the subject of several other reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 price target on shares of Lumen Technologies in a report on Monday, February 10th. The Goldman Sachs Group upped their target price on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Wells Fargo & Company upgraded Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target for the company in a research report on Friday, February 21st. Finally, TD Cowen decreased their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Lumen Technologies currently has a consensus rating of “Hold” and a consensus price target of $4.59.

Lumen Technologies Price Performance

Shares of NYSE LUMN opened at $4.49 on Wednesday. The stock has a fifty day moving average of $5.22 and a 200-day moving average of $6.15. The stock has a market cap of $4.55 billion, a PE ratio of -89.68 and a beta of 1.28. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. Lumen Technologies has a fifty-two week low of $0.97 and a fifty-two week high of $10.33.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. Equities research analysts anticipate that Lumen Technologies will post -0.87 earnings per share for the current year.

Institutional Investors Weigh In On Lumen Technologies

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC purchased a new stake in Lumen Technologies during the fourth quarter valued at about $1,139,000. Strategic Financial Concepts LLC grew its position in Lumen Technologies by 430.7% during the 4th quarter. Strategic Financial Concepts LLC now owns 179,335 shares of the technology company’s stock worth $952,000 after acquiring an additional 145,542 shares during the last quarter. Polianta Ltd purchased a new position in Lumen Technologies in the 4th quarter worth approximately $692,000. Mariner Investment Group LLC bought a new stake in Lumen Technologies in the fourth quarter valued at approximately $531,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of Lumen Technologies during the third quarter valued at approximately $433,000. 66.19% of the stock is currently owned by institutional investors.

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.