Lumen Technologies (NYSE:LUMN) Stock Price Target Lowered at JPMorgan Chase & Co.

Lumen Technologies (NYSE:LUMN) had its price target cut by stock analysts at JPMorgan Chase & Co. from $7.00 to $6.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 50.75% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Citigroup dropped their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a report on Tuesday, August 11th. TD Cowen cut their target price on Lumen Technologies from $9.00 to $8.00 and set a “hold” rating on the stock in a research report on Thursday. Moffett Nathanson upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 target price for the company in a research note on Friday, October 30th. Finally, Wells Fargo & Company reduced their target price on Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating for the company in a research note on Thursday. Ten research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $6.53.

Lumen Technologies Stock Performance

NYSE:LUMN traded down $0.49 during midday trading on Thursday, reaching $3.98. 25,235,231 shares of the stock traded hands, compared to its average volume of 13,732,415. Lumen Technologies has a 12-month low of $3.84 and a 12-month high of $11.43. The business has a 50-day moving average of $5.66 and a two-hundred day moving average of $7.19. The stock has a market capitalization of $4.10 billion, a PE ratio of -3.90 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Wednesday, November 4th. The technology company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.73 billion. Research analysts anticipate that Lumen Technologies will post -0.54 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc purchased a new stake in shares of Lumen Technologies during the 2nd quarter worth about $18,541,000. Hsbc Holdings PLC grew its position in shares of Lumen Technologies by 10.5% during the 2nd quarter. Hsbc Holdings PLC now owns 9,685,625 shares of the technology company’s stock valued at $74,242,000 after acquiring an additional 919,605 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Lumen Technologies in the 2nd quarter valued at about $2,513,000. The Manufacturers Life Insurance Company purchased a new position in shares of Lumen Technologies in the 2nd quarter valued at about $3,980,000. Finally, Congress Asset Management Co. raised its holdings in 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 worth $6,672,000 after purchasing an additional 209,416 shares during the period. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Lumen Technologies

Here are the key news stories impacting Lumen Technologies this week:

• Positive Sentiment: Strategic revenue grew about 10% and reached 55% of total revenue, reflecting demand for AI-related connectivity and Lumen’s Network-as-a-Service offerings. The company reaffirmed its full-year adjusted EBITDA guidance. Lumen Q3 earnings call highlights
• Positive Sentiment: Lumen’s adjusted loss of $0.14 per share was narrower than analysts’ estimates, offering a bright spot in an otherwise mixed quarter. Why Lumen Technologies Sank Today
• Neutral Sentiment: TD Cowen, Goldman Sachs and Wells Fargo lowered their price targets to $8, $5 and $5, respectively, while maintaining hold, neutral or equal-weight ratings. The targets remain above the stock’s cited $3.98 price, but the reductions signal more restrained expectations. TD Cowen rating
• Negative Sentiment: Revenue was approximately $2.71 billion, just below consensus, and reports noted a year-over-year decline. The shortfall and ongoing pressure on Lumen’s legacy business overshadowed strategic-revenue growth. Lumen Q3 adjusted loss narrows, revenue falls
• Negative Sentiment: Free cash flow turned negative, raising concerns about cash generation even as the company works toward its profitability goals. Together with declining overall sales, this helps explain the negative reaction to the results. Lumen Q3 earnings call highlights

Lumen Technologies Company Profile

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.