Lumen Technologies (NYSE:LUMN) Stock Falls 5.2% – Time to Sell?

Lumen Technologies, Inc. (NYSE:LUMN) shares were down 5.2% during trading on Wednesday. The stock traded as low as $4.50 and last traded at $4.4650. 10,229,398 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 13,851,384 shares. The stock had previously closed at $4.71.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on LUMN. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Moffett Nathanson upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 target price on the stock in a report on Friday, October 30th. JPMorgan Chase & Co. lowered their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, November 5th. Wells Fargo & Company dropped their price objective on Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 5th. Finally, TD Cowen dropped their target price on Lumen Technologies from $9.00 to $8.00 and set a “hold” rating on the stock in a research report on Thursday, November 5th. Ten research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Lumen Technologies has an average rating of “Reduce” and a consensus price target of $6.19.

Lumen Technologies Stock Performance

The stock’s fifty day simple moving average is $5.42 and its 200-day simple moving average is $7.06. The stock has a market cap of $4.31 billion, a P/E ratio of -4.09 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Wednesday, November 4th. The technology company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.09. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.73 billion. As a group, equities research analysts forecast that Lumen Technologies, Inc. will post -0.54 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson acquired 100,000 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The shares were bought at an average price of $3.97 per share, with a total value of $397,000.00. Following the acquisition, the chief executive officer directly owned 200,000 shares in the company, valued at $794,000. The trade was a 100.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michelle J. Goldberg acquired 25,000 shares of Lumen Technologies stock in a transaction that occurred on Friday, November 6th. The shares were purchased at an average price of $3.91 per share, for a total transaction of $97,750.00. Following the transaction, the director directly owned 101,591 shares in the company, valued at $397,220.81. The trade was a 32.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 2.30% of the company’s stock.

Institutional Trading of Lumen Technologies

A number of hedge funds have recently made changes to their positions in LUMN. First Trust Advisors LP increased its stake in shares of Lumen Technologies by 79.0% in the third quarter. First Trust Advisors LP now owns 18,154,650 shares of the technology company’s stock valued at $101,666,000 after buying an additional 8,012,338 shares during the period. Whittier Trust Co. raised its stake in shares of Lumen Technologies by 21,104.2% during the third quarter. Whittier Trust Co. now owns 15,055 shares of the technology company’s stock valued at $79,000 after acquiring an additional 14,984 shares during the last quarter. Private Advisor Group LLC raised its stake in shares of Lumen Technologies by 9.9% during the third quarter. Private Advisor Group LLC now owns 49,114 shares of the technology company’s stock valued at $275,000 after acquiring an additional 4,421 shares during the last quarter. Voya Investment Management LLC lifted its holdings in shares of Lumen Technologies by 2.5% during the third quarter. Voya Investment Management LLC now owns 836,455 shares of the technology company’s stock worth $4,684,000 after purchasing an additional 20,732 shares during the period. Finally, Edgestream Partners L.P. bought a new stake in shares of Lumen Technologies in the third quarter worth $869,000. 66.19% of the stock is owned by institutional investors and hedge funds.

About Lumen Technologies

Lumen Technologies is a telecommunications and technology company that provides network and digital services primarily to businesses, government agencies, and wholesale customers. Its offerings include fiber and internet connectivity, private networking, voice and collaboration services, cloud connectivity, and managed security solutions. The company serves customers across North America and in international markets through its fiber network and related technology platforms. Lumen has shifted its focus toward enterprise services in recent years, including after selling consumer and local-exchange operations in several states.