Lumen Technologies (NYSE:LUMN) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Lumen Technologies (NYSE:LUMN) from a hold rating to a sell rating in a research note released on Saturday.

A number of other equities analysts have also recently issued reports on the company. UBS Group boosted their price objective on Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Wells Fargo & Company increased their target price on Lumen Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Zacks Research downgraded shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. TD Cowen increased their price target on Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Nine analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $8.32.

Lumen Technologies Trading Up 1.2%

Shares of LUMN opened at $6.46 on Friday. The company’s fifty day simple moving average is $7.77 and its 200-day simple moving average is $7.89. The company has a market cap of $6.65 billion, a P/E ratio of -3.71 and a beta of 1.79. Lumen Technologies has a twelve month low of $3.61 and a twelve month high of $11.95.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $2.83 billion. During the same period in the previous year, the company posted ($0.13) earnings per share. The company’s revenue for the quarter was down 8.9% compared to the same quarter last year. Analysts predict that Lumen Technologies will post -0.39 earnings per share for the current fiscal year.

Institutional Trading of Lumen Technologies

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Lumen Technologies by 324.7% during the fourth quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock valued at $172,585,000 after purchasing an additional 16,981,326 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Lumen Technologies by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company’s stock worth $142,894,000 after purchasing an additional 473,242 shares during the period. Dimensional Fund Advisors LP boosted its holdings 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. Norges Bank bought a new stake in Lumen Technologies during the fourth quarter valued at $106,557,000. Finally, Front Street Capital Management Inc. raised its holdings in shares of Lumen Technologies by 1.1% during the second quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company’s stock worth $52,425,000 after purchasing an additional 132,131 shares during the period. Hedge funds and other institutional investors own 66.19% of the company’s stock.

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.