Lumen Technologies (NYSE:LUMN) Hits New 1-Year Low - Here's Why

Key Points

• Lumen Technologies shares fell to a new 52-week low of $5.13, closing near $5.28, well below the 50-day and 200-day moving averages.
• Analysts have lowered their price targets, with an average target of $7.86 and a consensus rating of “Reduce”; nine analysts rate the stock Hold and one rates it Sell.
• The company beat quarterly earnings and revenue estimates, but revenue declined 9.3% year over year. CEO Kathleen Johnson purchased 100,000 shares, while institutional investors own 66.19% of the stock.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report)'s share price hit a new 52-week low on Saturday. The stock traded as low as $5.13 and last traded at $5.28, with a volume of 18,144,444 shares. The stock had previously closed at $5.56.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group cut their target price on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a research note on Wednesday, August 5th. Citigroup dropped their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating for the company in a report on Tuesday, August 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lumen Technologies in a report on Friday, July 17th. Wall Street Zen raised Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Finally, Wells Fargo & Company decreased their price objective on Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating on the stock in a report on Wednesday, August 5th. Nine investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $7.86.

Lumen Technologies Stock Performance

The stock has a market cap of $5.45 billion, a P/E ratio of -5.18 and a beta of 1.84. The company's fifty day moving average price is $6.24 and its 200-day moving average price is $7.40.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the prior year, the company earned ($0.03) earnings per share. Lumen Technologies's revenue was down 9.3% on a year-over-year basis. Analysts anticipate that Lumen Technologies, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Activity

In other Lumen Technologies news, CEO Kathleen Johnson purchased 100,000 shares of the stock in a transaction on Thursday, August 6th. The shares were bought at an average cost of $6.13 per share, with a total value of $613,000.00. Following the completion of the acquisition, the chief executive officer owned 100,000 shares in the company, valued at $613,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lumen Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in LUMN. Hsbc Holdings PLC purchased a new position in shares of Lumen Technologies in the second quarter valued at approximately $74,242,000. Bank of New York Mellon Corp boosted its holdings in Lumen Technologies by 87.2% in the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company's stock valued at $80,558,000 after purchasing an additional 4,886,999 shares during the period. BlackRock Inc. increased its stake in shares of Lumen Technologies by 3.5% during the second quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company's stock worth $1,092,571,000 after buying an additional 4,796,141 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Lumen Technologies during the second quarter worth $24,767,000. Finally, Legal & General Group Plc acquired a new position in shares of Lumen Technologies during the second quarter worth $18,541,000. Institutional investors and hedge funds own 66.19% of the company's stock.

Lumen Technologies Company Profile

Lumen Technologies, Inc is a telecommunications and technology company that provides connectivity, networking, cloud, security and communications services to businesses, government organizations and other customers. Its offerings include fiber-based internet access, wide-area networking, software-defined networking, managed network services, cybersecurity, voice and unified communications, and data center and edge-computing solutions.

The company also serves residential customers in selected U.S.

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