Lumen Technologies (NYSE:LUMN) Trading Down 3.5% - Here's What Happened

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)'s share price traded down 3.5% during mid-day trading on Friday . The company traded as low as $5.81 and last traded at $5.88. 1,327,187 shares traded hands during trading, a decline of 89% from the average session volume of 12,541,030 shares. The stock had previously closed at $6.09.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. 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. BNP Paribas upgraded shares of Lumen Technologies to a "hold" rating in a research report on Wednesday, June 25th. The Goldman Sachs Group began coverage on shares of Lumen Technologies in a research report on Tuesday, September 2nd. They issued a "neutral" rating and a $4.10 price target on the stock. Finally, Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $5.14.

Lumen Technologies Stock Up 1.2%

The firm has a fifty day simple moving average of $4.62 and a 200-day simple moving average of $4.28. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of -4.78 and a beta of 1.42. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13.

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 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 company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.11 billion. During the same quarter last year, the firm earned ($0.13) earnings per share. The company's revenue was down 5.4% on a year-over-year basis. As a group, sell-side analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LUMN. Envestnet Portfolio Solutions Inc. grew its position in Lumen Technologies by 92.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 40,068 shares of the technology company's stock valued at $157,000 after acquiring an additional 19,216 shares during the last quarter. Lazard Asset Management LLC grew its position in Lumen Technologies by 3,825.7% in the fourth quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock valued at $39,000 after acquiring an additional 7,307 shares during the last quarter. Woodline Partners LP bought a new position in Lumen Technologies in the first quarter valued at about $5,006,000. Ritholtz Wealth Management bought a new position in Lumen Technologies in the first quarter valued at about $43,000. Finally, Cambridge Investment Research Advisors Inc. grew its position in Lumen Technologies by 88.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 84,475 shares of the technology company's stock valued at $331,000 after acquiring an additional 39,619 shares during the last quarter. Institutional investors own 66.19% of the company's stock.

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.