Lumen Technologies (NYSE:LUMN) Stock Price Down 5.7% - Here's Why

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report)'s stock price was down 5.7% on Wednesday . The company traded as low as $3.88 and last traded at $3.87. Approximately 1,881,276 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 12,520,773 shares. The stock had previously closed at $4.11.

Analyst Upgrades and Downgrades

LUMN has been the subject of several research analyst reports. Wells Fargo & Company raised Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price objective for the company in a research report on Friday, February 21st. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $4.25 price target on shares of Lumen Technologies in a report on Monday, February 10th. Citigroup upgraded Lumen Technologies from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $8.00 to $6.50 in a research note on Wednesday, February 26th. Finally, Raymond James upgraded Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 price target on the stock in a research report on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $4.58.

Lumen Technologies Price Performance

The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. The company has a market cap of $4.08 billion, a P/E ratio of -79.48 and a beta of 1.34. The company has a fifty day moving average price of $3.75 and a two-hundred day moving average price of $4.93.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.29) by $0.16. The firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.12 billion. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. The business's revenue was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.04) earnings per share. On average, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumen Technologies

A number of institutional investors have recently made changes to their positions in LUMN. Trust Point Inc. bought a new stake in shares of Lumen Technologies during the fourth quarter worth approximately $107,000. Strategic Financial Concepts LLC increased its holdings in shares of Lumen Technologies by 430.7% during the fourth quarter. Strategic Financial Concepts LLC now owns 179,335 shares of the technology company's stock worth $952,000 after buying an additional 145,542 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Lumen Technologies during the fourth quarter worth $1,139,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Lumen Technologies during the fourth quarter worth $125,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in Lumen Technologies by 3,634.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 243,471 shares of the technology company's stock valued at $1,366,000 after purchasing an additional 236,951 shares during the period. 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.