Lumen Technologies (NYSE:LUMN) Shares Down 5.8% - Here's Why

Key Points

• Lumen Technologies' share price decreased by 5.8% to $5.86 during mid-day trading, significantly lower than its previous close of $6.22.
• Analysts have mixed ratings for Lumen Technologies, with a consensus rating of "Hold" and an average target price of $5.14; two analysts rated the stock as a Buy.
• Recent insider activity includes CFO Christopher Stansbury buying 40,000 shares at $4.44 each, increasing his ownership by 8.08% to 535,000 shares.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report)'s share price traded down 5.8% during mid-day trading on Tuesday . The stock traded as low as $5.95 and last traded at $5.86. 11,676,804 shares were traded during mid-day trading, a decline of 10% from the average session volume of 13,038,297 shares. The stock had previously closed at $6.22.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Raymond James Financial upped their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. The Goldman Sachs Group initiated coverage on shares of Lumen Technologies in a research report on Tuesday, September 2nd. They set a "neutral" rating and a $4.10 target price on the stock. Finally, BNP Paribas upgraded shares of Lumen Technologies to a "hold" rating in a research report on Wednesday, June 25th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Lumen Technologies currently has a consensus rating of "Hold" and an average target price of $5.14.

Lumen Technologies Trading Down 6.8%

The business has a 50 day moving average of $4.73 and a 200-day moving average of $4.30. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 59.98. The firm has a market capitalization of $5.95 billion, a P/E ratio of -4.91 and a beta of 1.42.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.21. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.11 billion. During the same period in the prior year, the business earned ($0.13) EPS. Lumen Technologies's revenue for the quarter was down 5.4% compared to the same quarter last year. Analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Insider Buying and Selling

In other Lumen Technologies news, CFO Christopher Stansbury bought 40,000 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was acquired at an average cost of $4.44 per share, with a total value of $177,600.00. Following the purchase, the chief financial officer owned 535,000 shares in the company, valued at $2,375,400. This trade represents a 8.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kathleen E. Johnson purchased 135,870 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were acquired at an average cost of $3.69 per share, with a total value of $501,360.30. Following the completion of the purchase, the chief executive officer directly owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 217,870 shares of company stock valued at $859,140. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumen Technologies

Several hedge funds have recently made changes to their positions in the business. Front Street Capital Management Inc. grew its stake in shares of Lumen Technologies by 1.1% during the 2nd quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company's stock worth $52,425,000 after acquiring an additional 132,131 shares in the last quarter. Man Group plc grew its stake in shares of Lumen Technologies by 3.3% during the 2nd quarter. Man Group plc now owns 11,486,835 shares of the technology company's stock worth $50,312,000 after acquiring an additional 364,436 shares in the last quarter. Norges Bank bought a new position in shares of Lumen Technologies in the second quarter valued at $47,923,000. Invesco Ltd. grew its stake in shares of Lumen Technologies by 6.3% in the second quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company's stock valued at $47,869,000 after buying an additional 652,124 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its stake in shares of Lumen Technologies by 8.5% in the second quarter. Allianz Asset Management GmbH now owns 9,520,500 shares of the technology company's stock valued at $41,700,000 after buying an additional 748,185 shares in the last quarter. 66.19% of the stock is owned by institutional investors.

Lumen Technologies Company Profile

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.

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