TD Cowen Has Lowered Expectations for Lumen Technologies (NYSE:LUMN) Stock Price

Lumen Technologies (NYSE:LUMN) had its price objective dropped by investment analysts at TD Cowen from $7.00 to $6.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. TD Cowen’s price target points to a potential downside of 34.68% from the company’s current price.

A number of other brokerages have also issued reports on LUMN. Wells Fargo & Company lowered Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price objective for the stock from $1.75 to $4.00 in a report on Friday, August 16th. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Moffett Nathanson lifted their price objective on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. UBS Group increased their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Bank of America boosted their price target on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.02.

Lumen Technologies Price Performance

Shares of NYSE LUMN opened at $9.19 on Wednesday. Lumen Technologies has a 1-year low of $0.97 and a 1-year high of $9.37. The firm has a market capitalization of $9.34 billion, a PE ratio of -4.37 and a beta of 1.21. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01. The business’s fifty day moving average price is $6.47 and its two-hundred day moving average price is $3.67.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same period in the previous year, the firm earned ($0.09) earnings per share. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, research analysts expect that Lumen Technologies will post -0.59 EPS for the current year.

Insider Buying and Selling

In related news, Director James Fowler purchased 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.68% of the company’s stock.

Institutional Trading of Lumen Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC raised 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 valued at $8,640,000 after purchasing an additional 4,436,710 shares during the period. Front Street Capital Management Inc. grew its holdings 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 valued at $12,827,000 after buying an additional 2,697,423 shares in the last quarter. Victory Capital Management Inc. raised its position in Lumen Technologies by 1,081.0% during the third quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock valued at $16,819,000 after buying an additional 2,168,325 shares during the period. Vanguard Group Inc. lifted its stake in Lumen Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after acquiring an additional 1,975,400 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in Lumen Technologies during the 3rd quarter worth about $10,062,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

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.