Lumen Technologies (NYSE:LUMN) Sets New 52-Week Low - What's Next?

Key Points

• Lumen Technologies shares hit a new 52-week low of $4.38 before recovering to $4.87, despite trading 7% higher during the session.
• Analysts have continued cutting price targets, with a consensus “Reduce” rating and an average target of $7.86; nine analysts rate the stock Hold and one rates it Sell.
• Lumen beat quarterly EPS and revenue estimates, but revenue declined 9.3% year over year. CEO Kathleen Johnson bought 100,000 shares at $6.13, signaling insider confidence despite ongoing concerns.

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shares hit a new 52-week low during mid-day trading on Friday. The company traded as low as $4.38 and last traded at $4.87, with a volume of 34,659,664 shares traded. The stock had previously closed at $4.55.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Citigroup cut their target price on Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating for the company in a research report on Tuesday, August 11th. Wells Fargo & Company lowered their price target 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. The Goldman Sachs Group lowered their price target on Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating on the stock in a research report on Wednesday, August 5th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Lumen Technologies in a report on Friday, July 17th. Nine equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $7.86.

Lumen Technologies Trading Up 7.0%

The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of -4.77 and a beta of 1.84. The firm has a fifty day moving average price of $6.13 and a 200 day moving average price of $7.35.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly 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 business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter last year, the company earned ($0.03) earnings per share. The firm's revenue was down 9.3% on a year-over-year basis. As a group, equities analysts predict that Lumen Technologies, Inc. will post -0.54 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Kathleen Johnson acquired 100,000 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $6.13 per share, with a total value of $613,000.00. Following the acquisition, the chief executive officer directly owned 100,000 shares in the company, valued at $613,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lumen Technologies

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in Lumen Technologies by 3.5% in the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company's stock worth $1,092,571,000 after purchasing an additional 4,796,141 shares during the last quarter. State Street Corp boosted its holdings in Lumen Technologies by 4.3% in the second quarter. State Street Corp now owns 48,003,189 shares of the technology company's stock valued at $368,664,000 after acquiring an additional 1,990,860 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Lumen Technologies by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company's stock worth $104,156,000 after purchasing an additional 144,664 shares during the period. Bank of New York Mellon Corp increased its position 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 worth $80,558,000 after purchasing an additional 4,886,999 shares during the period. Finally, Allianz Asset Management GmbH increased its position 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 period. 66.19% of the stock is owned by institutional investors.

About Lumen Technologies

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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