Lumen Technologies (NYSE:LUMN) Hits New 1-Year Low – What’s Next?

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price hit a new 52-week low on Saturday. The company traded as low as $5.13 and last traded at $5.28, with a volume of 18,144,444 shares. The stock had previously closed at $5.56.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Wells Fargo & Company decreased their target price on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a report on Wednesday, August 5th. The Goldman Sachs Group decreased their target price on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Finally, Citigroup cut their target price on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $7.86.

Lumen Technologies Stock Performance

The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of -5.18 and a beta of 1.84. The stock has a 50-day simple moving average of $6.24 and a 200 day simple moving average of $7.40.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.74 billion. The company’s revenue was down 9.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.03) EPS. Sell-side analysts expect that Lumen Technologies, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Kathleen Johnson purchased 100,000 shares of Lumen Technologies stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $6.13 per share, with a total value of $613,000.00. Following the completion of the transaction, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at approximately $613,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after acquiring an additional 4,796,141 shares during the last quarter. State Street Corp increased its stake in Lumen Technologies by 4.3% in the second quarter. State Street Corp now owns 48,003,189 shares of the technology company’s stock valued at $368,664,000 after purchasing an additional 1,990,860 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Lumen Technologies by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company’s stock valued at $104,156,000 after purchasing an additional 144,664 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Lumen Technologies by 87.2% in the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock valued at $80,558,000 after purchasing an additional 4,886,999 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in Lumen Technologies by 18.7% in the second quarter. Allianz Asset Management GmbH now owns 10,074,316 shares of the technology company’s stock worth $77,371,000 after purchasing an additional 1,585,083 shares during the period. 66.19% of the stock is owned by institutional investors.

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.