Lumen Technologies (NYSE:LUMN) Stock Price Down 3.5% - Here's Why

Key Points

• Lumen Technologies' stock price dropped 3.5% during mid-day trading, closing at $5.88 after reaching a low of $5.81, with trading volume declining by 89% compared to its average.
• Equities research analysts have recently set a consensus target price of $5.14 for Lumen Technologies, with ratings including a "neutral" rating from Goldman Sachs at $4.10 and an "outperform" rating from Raymond James at $5.00.
• Insider transactions indicated confidence in the company as CFO Christopher Stansbury and CEO Kathleen E. Johnson purchased significant shares, increasing their ownership while insiders collectively acquired 217,870 shares valued at $859,140 in the last 90 days.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shares traded down 3.5% during mid-day trading on Friday . The stock traded as low as $5.81 and last traded at $5.88. 1,327,187 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 12,541,030 shares. The stock had previously closed at $6.09.

Analysts Set New Price Targets

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

Lumen Technologies Price Performance

The company has a fifty day moving average of $4.55 and a 200-day moving average of $4.26. The firm has a market cap of $6.09 billion, a P/E ratio of -5.03 and a beta of 1.42. The company has a debt-to-equity ratio of 59.98, a current ratio of 2.13 and a quick ratio of 2.13.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $3.11 billion. During the same quarter in the prior year, the company posted ($0.13) earnings per share. Lumen Technologies's revenue was down 5.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lumen Technologies news, CFO Christopher Stansbury acquired 42,000 shares of Lumen Technologies stock in a transaction on Thursday, August 14th. The stock was purchased at an average price of $4.29 per share, for a total transaction of $180,180.00. Following the purchase, the chief financial officer directly owned 518,000 shares of the company's stock, valued at $2,222,220. This trade represents a 8.82% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kathleen E. Johnson acquired 135,870 shares of Lumen Technologies stock in a transaction on Tuesday, August 5th. The stock was acquired at an average price of $3.69 per share, with a total value of $501,360.30. Following the purchase, the chief executive officer directly owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 217,870 shares of company stock valued at $859,140 in the last 90 days. Corporate insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC grew its stake in Lumen Technologies by 132.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company's stock valued at $26,000 after purchasing an additional 3,391 shares during the period. MRP Capital Investments LLC grew its stake in Lumen Technologies by 160.0% in the 2nd quarter. MRP Capital Investments LLC now owns 6,500 shares of the technology company's stock valued at $28,000 after purchasing an additional 4,000 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Lumen Technologies by 3,527.9% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,639 shares of the technology company's stock valued at $29,000 after purchasing an additional 6,456 shares during the period. Lazard Asset Management LLC grew its stake in Lumen Technologies by 3,825.7% in the 4th quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock valued at $39,000 after purchasing an additional 7,307 shares during the period. Finally, Conning Inc. bought a new position in shares of Lumen Technologies during the 1st quarter worth $39,000. Institutional investors own 66.19% of the company's stock.

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.

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