Lumen Technologies (NYSE:LUMN) Shares Down 14.4% - Time to Sell?

Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) were down 14.4% on Monday . The company traded as low as $5.08 and last traded at $5.07. Approximately 5,835,203 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 8,499,087 shares. The stock had previously closed at $5.92.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on LUMN. Royal Bank of Canada reissued a "sector perform" rating and set a $4.25 target price (up from $4.00) on shares of Lumen Technologies in a research note on Friday, December 20th. TD Cowen decreased their price objective on Lumen Technologies from $7.00 to $6.00 and set a "hold" rating for the company in a report on Wednesday, November 6th. Citigroup lifted their target price on Lumen Technologies from $6.50 to $8.00 and gave the company a "neutral" rating in a research note on Friday, November 29th. Finally, The Goldman Sachs Group increased their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, Lumen Technologies has a consensus rating of "Hold" and an average price target of $4.66.

Lumen Technologies Stock Performance

The company has a fifty day moving average price of $6.18 and a two-hundred day moving average price of $5.85. The firm has a market cap of $5.05 billion, a price-to-earnings ratio of -2.29 and a beta of 1.28. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter last year, the business posted ($0.09) EPS. The business's revenue for the quarter was down 11.5% on a year-over-year basis. As a group, equities research analysts expect that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On Lumen Technologies

A number of hedge funds have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV increased its stake in Lumen Technologies by 88.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 107,081 shares of the technology company's stock worth $118,000 after purchasing an additional 50,381 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Lumen Technologies during the 2nd quarter valued at $74,000. Intech Investment Management LLC acquired a new position in Lumen Technologies in the 2nd quarter valued at $146,000. Public Sector Pension Investment Board raised its holdings in Lumen Technologies by 8.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 2,233,259 shares of the technology company's stock worth $2,457,000 after acquiring an additional 165,326 shares during the period. Finally, Xponance Inc. boosted its holdings in Lumen Technologies by 4.0% during the second quarter. Xponance Inc. now owns 64,444 shares of the technology company's stock valued at $71,000 after acquiring an additional 2,487 shares during the period. 66.19% of the stock is currently owned by institutional investors and hedge funds.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.