Lumen Technologies (NYSE:LUMN) Sets New 12-Month Low - Should You Sell?

Key Points

• Lumen Technologies shares hit a new 52-week low of $5.50, trading below both their 50-day and 200-day moving averages. The company has a $5.78 billion market capitalization and a negative price-to-earnings ratio.
• Analysts remain cautious, with a consensus rating of “Reduce” and an average price target of $7.86 after several firms lowered their targets; nine analysts rate the stock Hold and one rates it Sell.
• Lumen exceeded quarterly EPS and revenue expectations, but revenue fell 9.3% year over year and the company is expected to report a full-year loss. CEO Kathleen Johnson bought 100,000 shares, while institutional investors own 66.19% of the stock.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report)'s stock price reached a new 52-week low on Monday. The stock traded as low as $5.50 and last traded at $5.5420, with a volume of 737578 shares changing hands. The stock had previously closed at $5.71.

Wall Street Analysts Forecast Growth

LUMN has been the subject of several recent analyst reports. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Wells Fargo & Company reduced their target price on shares of Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating on the stock in a research note on Wednesday, August 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Lumen Technologies in a report on Friday, July 17th. Citigroup dropped their price target on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating for the company in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group cut their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $7.86.

Lumen Technologies Stock Performance

The company has a fifty day simple moving average of $6.40 and a two-hundred day simple moving average of $7.47. The firm has a market capitalization of $5.78 billion, a PE ratio of -5.47 and a beta of 1.78.

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

Insider Buying and Selling

In other Lumen Technologies news, CEO Kathleen Johnson purchased 100,000 shares of Lumen Technologies stock in a transaction dated Thursday, August 6th. The stock was acquired at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the acquisition, the chief executive officer owned 100,000 shares in the company, valued at $613,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Lumen Technologies

Institutional investors have recently bought and sold shares of the business. Legal & General Group Plc purchased a new position in shares of Lumen Technologies in the 2nd quarter worth approximately $18,541,000. Hsbc Holdings PLC lifted its position in Lumen Technologies by 10.5% during the second quarter. Hsbc Holdings PLC now owns 9,685,625 shares of the technology company's stock valued at $74,242,000 after acquiring an additional 919,605 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Lumen Technologies during the second quarter valued at approximately $3,980,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Lumen Technologies in the second quarter valued at approximately $2,513,000. Finally, Allianz Asset Management GmbH grew its holdings in Lumen Technologies by 18.7% in the second quarter. Allianz Asset Management GmbH now owns 10,074,316 shares of the technology company's stock worth $77,371,000 after purchasing an additional 1,585,083 shares during the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Company Profile

Lumen Technologies, Inc NYSE: LUMN is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.

The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.

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