Lumen Technologies (NYSE:LUMN) Reaches New 1-Year Low - What's Next?

Key Points

• Lumen Technologies shares fell to a new 52-week low of $4.25, with the stock down 1.9% and trading well below its 50-day and 200-day moving averages.
• Analysts have recently cut their price targets, leaving Lumen with an average “Reduce” rating and a consensus target of $7.86; nine analysts rate it Hold and one rates it Sell.
• The company beat quarterly EPS and revenue expectations, but revenue declined 9.3% year over year. CEO Kathleen Johnson purchased 100,000 shares at an average price of $6.13, while institutional investors own 66.19% of the stock.

Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $4.25 and last traded at $4.4050, with a volume of 615,926 shares traded. The stock had previously closed at $4.46.

Wall Street Analysts Forecast Growth

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

Lumen Technologies Trading Down 1.9%

The firm has a 50-day moving average of $5.97 and a two-hundred day moving average of $7.28. The firm has a market capitalization of $4.51 billion, a P/E ratio of -4.29 and a beta of 1.84.

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

Insider Activity

In related news, CEO Kathleen Johnson purchased 100,000 shares of the firm's stock in a transaction that occurred 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 acquisition, the chief executive officer owned 100,000 shares of the company's stock, valued at $613,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Lumen Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC grew its stake in shares of Lumen Technologies by 1.7% during the first quarter. Lazard Asset Management LLC now owns 78,690 shares of the technology company's stock worth $547,000 after buying an additional 1,294 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in shares of Lumen Technologies by 4.6% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 31,875 shares of the technology company's stock valued at $222,000 after acquiring an additional 1,393 shares during the last quarter. Citizens Financial Group Inc. RI lifted its stake in shares of Lumen Technologies by 13.6% in the 1st quarter. Citizens Financial Group Inc. RI now owns 12,174 shares of the technology company's stock valued at $85,000 after acquiring an additional 1,457 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its stake in shares of Lumen Technologies by 1.0% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 177,950 shares of the technology company's stock valued at $1,367,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in shares of Lumen Technologies by 3.1% during the 4th quarter. Corient Private Wealth LLC now owns 56,803 shares of the technology company's stock valued at $441,000 after acquiring an additional 1,728 shares in the last quarter. Institutional investors own 66.19% of the company's stock.

Lumen Technologies Company Profile

Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.

The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.

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