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

Lumen Technologies, Inc. (NYSE:LUMN) has earned an average rating of “Reduce” from the ten research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating and nine have given a hold rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $7.86.

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

Insider Buying and Selling

In related news, CEO Kathleen Johnson bought 100,000 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $6.13 per share, with a total value of $613,000.00. Following the completion of the purchase, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Credit Capital Investments LLC raised its holdings in Lumen Technologies by 3.6% in the third quarter. Credit Capital Investments LLC now owns 285,000 shares of the technology company’s stock worth $1,596,000 after purchasing an additional 10,020 shares during the period. Robertson Stephens Wealth Management LLC boosted its holdings in shares of Lumen Technologies by 151.5% in the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 106,024 shares of the technology company’s stock valued at $594,000 after buying an additional 63,867 shares during the last quarter. Avior Wealth Management LLC increased its stake in shares of Lumen Technologies by 7.4% during the 3rd quarter. Avior Wealth Management LLC now owns 71,204 shares of the technology company’s stock worth $399,000 after purchasing an additional 4,933 shares during the last quarter. Congress Asset Management Co. raised its holdings in shares of Lumen Technologies by 21.3% in the 3rd quarter. Congress Asset Management Co. now owns 1,191,427 shares of the technology company’s stock valued at $6,672,000 after purchasing an additional 209,416 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in Lumen Technologies by 2.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 122,070 shares of the technology company’s stock worth $937,000 after purchasing an additional 2,936 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Stock Performance

Shares of LUMN stock opened at $4.46 on Friday. Lumen Technologies has a 1 year low of $4.25 and a 1 year high of $11.95. The firm’s 50 day moving average is $5.94 and its 200-day moving average is $7.26. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of -4.37 and a beta of 1.84.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) EPS 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 the consensus estimate of $2.74 billion. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.03) earnings per share. On average, equities research analysts forecast that Lumen Technologies will post -0.54 earnings per share for the current fiscal year.

About Lumen Technologies

Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.

The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.