Lumen Technologies (NYSE:LUMN) Stock Rating Raised to "Neutral" at Moffett Nathanson

Key Points

• Moffett Nathanson upgraded Lumen Technologies from “sell” to “neutral” and set a $4.00 price target, implying 16.49% downside from the prior close.
• Analyst sentiment remains cautious: Lumen has a consensus “Reduce” rating, with 10 analysts at “Hold” and one at “Sell”; the average price target is $7.38.
• Lumen exceeded quarterly EPS and revenue expectations, but revenue fell 9.3% year over year. The stock opened at $4.79, near its 52-week low, while CEO Kathleen Johnson bought 100,000 shares at $6.13 each.

Lumen Technologies (NYSE:LUMN - Get Free Report) was upgraded by equities researchers at Moffett Nathanson from a "sell" rating to a "neutral" rating in a research report issued on Friday, Marketbeat Ratings reports. The firm currently has a $4.00 price target on the technology company's stock. Moffett Nathanson's price objective would indicate a potential downside of 16.49% from the stock's previous close.

LUMN has been the subject of a number of other reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lumen Technologies in a research note 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 for the company in a report on Tuesday, August 11th. The Goldman Sachs Group cut their price objective on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a research report on Wednesday, August 5th. Wells Fargo & Company reduced 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 note 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. Ten analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $7.38.

Lumen Technologies Price Performance

LUMN opened at $4.79 on Friday. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of -4.70 and a beta of 1.84. The company's 50 day simple moving average is $5.75 and its two-hundred day simple moving average is $7.26. Lumen Technologies has a 1-year low of $4.25 and a 1-year high of $11.95.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to analysts' expectations of $2.74 billion. During the same quarter last year, the company earned ($0.03) earnings per share. Lumen Technologies's revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities analysts anticipate that Lumen Technologies will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Lumen Technologies news, CEO Kathleen Johnson bought 100,000 shares of Lumen Technologies stock in a transaction on Thursday, August 6th. The shares were bought at an average price of $6.13 per share, for a total transaction 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 $613,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Lumen Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. ProShare Advisors LLC increased its stake in Lumen Technologies by 3.3% during the 3rd quarter. ProShare Advisors LLC now owns 150,188 shares of the technology company's stock worth $841,000 after buying an additional 4,770 shares during the period. Vise Technologies Inc. purchased a new position in Lumen Technologies in the 3rd quarter valued at approximately $66,000. State of Wyoming boosted its position in Lumen Technologies by 204.4% in the 3rd quarter. State of Wyoming now owns 26,753 shares of the technology company's stock valued at $150,000 after buying an additional 17,965 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Lumen Technologies by 23.6% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 404,300 shares of the technology company's stock worth $2,264,000 after acquiring an additional 77,100 shares in the last quarter. Finally, Choreo LLC grew its stake in shares of Lumen Technologies by 1.4% in the third quarter. Choreo LLC now owns 398,056 shares of the technology company's stock worth $2,229,000 after acquiring an additional 5,322 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.