Lumen Technologies (NYSE:LUMN) Shares Down 7.6% – Should You Sell?

Lumen Technologies, Inc. (NYSE:LUMN) shares dropped 7.6% during trading on Monday . The stock traded as low as $6.46 and last traded at $6.47. Approximately 7,271,895 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 19,469,533 shares. The stock had previously closed at $7.00.

Wall Street Analyst Weigh In

LUMN has been the topic of several research analyst reports. The Goldman Sachs Group lifted their price objective on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $1.75 to $4.00 in a report on Friday, August 16th. TD Cowen cut their price target on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Finally, Citigroup boosted their target price on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $4.71.

Lumen Technologies Price Performance

The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The business has a 50-day simple moving average of $7.21 and a 200-day simple moving average of $4.68.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. As a group, equities analysts predict that Lumen Technologies, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumen Technologies

A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Lumen Technologies by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company’s stock worth $165,776,000 after buying an additional 383,693 shares during the period. Front Street Capital Management Inc. raised its position in shares of Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after purchasing an additional 2,697,423 shares during the period. Renaissance Technologies LLC grew its position in shares of Lumen Technologies by 11.6% in the 2nd quarter. Renaissance Technologies LLC now owns 8,873,803 shares of the technology company’s stock valued at $9,761,000 after purchasing an additional 919,300 shares during the period. Millennium Management LLC increased its stake in Lumen Technologies by 129.8% during the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after purchasing an additional 4,436,710 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Lumen Technologies by 52.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,621,874 shares of the technology company’s stock worth $3,712,000 after buying an additional 1,246,289 shares during the period. 66.19% of the stock is owned by institutional investors.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.