Lumen Technologies, Inc. (NYSE:LUMN) Stock Has Average Target Price of $6.19 According to Analysts

Shares of Lumen Technologies, Inc. (NYSE:LUMN) have received an average recommendation of “Reduce” from the eleven analysts that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and ten have issued a hold rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $6.19.

Several equities research analysts recently weighed in on the company. Citigroup decreased their target price on Lumen Technologies from $8.25 to $5.50 and set a “neutral” rating for the company in a research note on Friday, November 6th. Moffett Nathanson upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 price target on the stock in a research note on Friday, October 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. 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. Finally, The Goldman Sachs Group cut their target price on Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, November 5th.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, Director Michelle J. Goldberg bought 25,000 shares of the stock in a transaction dated Friday, November 6th. The shares were acquired at an average cost of $3.91 per share, for a total transaction of $97,750.00. Following the completion of the transaction, the director owned 101,591 shares in the company, valued at approximately $397,220.81. The trade was a 32.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kathleen E. Johnson bought 100,000 shares of the business’s stock in a transaction dated Friday, November 6th. The stock was acquired at an average cost of $3.97 per share, for a total transaction of $397,000.00. Following the completion of the acquisition, the chief executive officer directly owned 200,000 shares in the company, valued at approximately $794,000. This trade represents a 100.00% 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

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Lumen Technologies by 3.5% in the second quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock valued at $1,092,571,000 after purchasing an additional 4,796,141 shares during the period. State Street Corp increased its position in Lumen Technologies by 4.3% during the 2nd quarter. State Street Corp now owns 48,003,189 shares of the technology company’s stock worth $368,664,000 after purchasing an additional 1,990,860 shares during the period. First Trust Advisors LP raised its stake in shares of Lumen Technologies by 79.0% during the 3rd quarter. First Trust Advisors LP now owns 18,154,650 shares of the technology company’s stock worth $101,666,000 after buying an additional 8,012,338 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Lumen Technologies by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company’s stock worth $104,156,000 after buying an additional 144,664 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Lumen Technologies by 87.2% in the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock valued at $80,558,000 after buying an additional 4,886,999 shares in the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Price Performance

Lumen Technologies stock opened at $4.17 on Tuesday. Lumen Technologies has a 1-year low of $3.84 and a 1-year high of $11.30. The stock has a market cap of $4.30 billion, a PE ratio of -4.09 and a beta of 1.94. The stock’s fifty day moving average is $5.42 and its two-hundred day moving average is $7.06.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Wednesday, November 4th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. The business had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.73 billion. On average, research analysts expect that Lumen Technologies will post -0.54 earnings per share for the current fiscal year.

Lumen Technologies Company Profile

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.