Lumen Technologies, Inc. (NYSE:LUMN) Stock Has Average Target Price of $7.86

Shares of Lumen Technologies, Inc. (NYSE:LUMN) have earned a consensus recommendation of “Reduce” from the ten analysts that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and nine have assigned a hold recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $7.86.

LUMN has been the topic of a number of research reports. Citigroup cut their price objective on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Wells Fargo & Company dropped their target price on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a research report on Wednesday, August 5th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, The Goldman Sachs Group cut their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a report on Wednesday, August 5th.

Lumen Technologies Price Performance

LUMN stock opened at $4.65 on Friday. The company has a market cap of $4.80 billion, a price-to-earnings ratio of -4.56 and a beta of 1.84. The business has a fifty day simple moving average of $6.09 and a 200-day simple moving average of $7.34. Lumen Technologies has a 52 week low of $4.38 and a 52 week high of $11.95.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same quarter in the previous year, the business posted ($0.03) EPS. Lumen Technologies’s revenue was down 9.3% compared to the same quarter last year. As a group, analysts expect that Lumen Technologies will post -0.54 earnings per share for the current fiscal year.

Insider Transactions at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen Johnson acquired 100,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was bought at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the purchase, the chief executive officer directly owned 100,000 shares in the company, valued at $613,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds have recently made changes to their positions in the business. Lazard Asset Management LLC boosted its holdings in Lumen Technologies by 1.7% in the 1st quarter. Lazard Asset Management LLC now owns 78,690 shares of the technology company’s stock worth $547,000 after acquiring an additional 1,294 shares during the period. Fifth Third Wealth Advisors LLC raised its stake in shares of Lumen Technologies by 4.6% during the first quarter. Fifth Third Wealth Advisors LLC now owns 31,875 shares of the technology company’s stock valued at $222,000 after purchasing an additional 1,393 shares during the period. Citizens Financial Group Inc. RI raised its stake in shares of Lumen Technologies by 13.6% during the first quarter. Citizens Financial Group Inc. RI now owns 12,174 shares of the technology company’s stock valued at $85,000 after purchasing an additional 1,457 shares during the period. Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of Lumen Technologies by 1.0% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 177,950 shares of the technology company’s stock valued at $1,367,000 after purchasing an additional 1,700 shares during the period. Finally, Corient Private Wealth LLC lifted its position in shares of Lumen Technologies by 3.1% during the fourth quarter. Corient Private Wealth LLC now owns 56,803 shares of the technology company’s stock worth $441,000 after purchasing an additional 1,728 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

About Lumen Technologies

Lumen Technologies, Inc is a telecommunications and technology company that provides connectivity, networking, cloud, security and communications services to businesses, government organizations and other customers. Its offerings include fiber-based internet access, wide-area networking, software-defined networking, managed network services, cybersecurity, voice and unified communications, and data center and edge-computing solutions.

The company also serves residential customers in selected U.S.