Lumen Technologies, Inc. (NYSE:LUMN) Given Average Recommendation of “Reduce” by Brokerages

Shares of Lumen Technologies, Inc. (NYSE:LUMN) have earned a consensus rating of “Reduce” from the ten research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and nine have assigned a hold recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $7.9062.

A number of research firms recently weighed in on LUMN. Wells Fargo & Company boosted their price target on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. TD Cowen lifted their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a research note on Tuesday, April 21st. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, May 3rd. Finally, Zacks Research cut Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th.

Lumen Technologies Stock Down 0.5%

LUMN stock opened at $6.45 on Wednesday. Lumen Technologies has a twelve month low of $3.37 and a twelve month high of $11.95. The company has a market cap of $6.64 billion, a P/E ratio of -3.70 and a beta of 1.75. The business has a fifty day moving average of $8.80 and a 200-day moving average of $8.07.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.34). The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.83 billion. During the same period last year, the firm posted ($0.13) EPS. The firm’s revenue for the quarter was down 8.9% on a year-over-year basis. As a group, equities research analysts anticipate that Lumen Technologies will post -0.39 earnings per share for the current fiscal year.

Institutional Trading of Lumen Technologies

A number of hedge funds have recently modified their holdings of the company. Trust Asset Management LLC acquired a new stake in Lumen Technologies during the 2nd quarter worth approximately $34,000. GK Wealth Management LLC bought a new stake in shares of Lumen Technologies during the second quarter worth $328,000. GAMMA Investing LLC increased its position in shares of Lumen Technologies by 40.0% during the second quarter. GAMMA Investing LLC now owns 20,980 shares of the technology company’s stock worth $161,000 after acquiring an additional 5,997 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Lumen Technologies by 90.3% during the second quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock worth $30,000 after acquiring an additional 1,860 shares during the period. Finally, Empowered Funds LLC lifted its position in Lumen Technologies by 18.4% in the 1st quarter. Empowered Funds LLC now owns 133,085 shares of the technology company’s stock valued at $925,000 after acquiring an additional 20,677 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

About Lumen Technologies

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.