Lumen Technologies (NYSE:LUMN) Shares Gap Down to $5.57

Lumen Technologies, Inc. (NYSE:LUMN) shares gapped down prior to trading on Monday . The stock had previously closed at $5.57, but opened at $5.35. Lumen Technologies shares last traded at $4.95, with a volume of 9,107,451 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on LUMN. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. The Goldman Sachs Group upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and increased their target price for the stock from $1.00 to $4.00 in a report on Wednesday, August 7th. TD Cowen lifted their price target on Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Bank of America increased their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Finally, Moffett Nathanson raised their price objective on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $3.53.

Lumen Technologies Stock Performance

The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of -0.46 and a beta of 1.14. The company has a debt-to-equity ratio of 36.89, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a 50-day moving average of $1.89 and a 200 day moving average of $1.60.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a positive return on equity of 4.06% and a negative net margin of 76.21%. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same period last year, the firm earned $0.10 earnings per share. The company’s quarterly revenue was down 10.7% on a year-over-year basis. On average, analysts expect that Lumen Technologies, Inc. will post -0.23 EPS for the current year.

Institutional Investors Weigh In On Lumen Technologies

Institutional investors have recently made changes to their positions in the stock. Sawgrass Asset Management LLC boosted its stake in Lumen Technologies by 68.5% during the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after acquiring an additional 9,263 shares during the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Lumen Technologies during the second quarter worth $26,000. Brighton Jones LLC acquired a new position in shares of Lumen Technologies in the 4th quarter valued at $27,000. HighPoint Advisor Group LLC bought a new stake in shares of Lumen Technologies in the 4th quarter valued at $27,000. Finally, Fifth Third Wealth Advisors LLC bought a new position in Lumen Technologies during the second quarter worth about $33,000. 66.19% of the stock is owned by institutional investors and hedge funds.

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.