Lumen Technologies (NYSE:LUMN) Price Target Cut to $6.00 by Analysts at JPMorgan Chase & Co.

Lumen Technologies (NYSE:LUMN) had its target price lowered by JPMorgan Chase & Co. from $7.00 to $6.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Several other brokerages have also recently issued reports on LUMN. Citigroup decreased their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. TD Cowen dropped their price target on Lumen Technologies from $9.00 to $8.00 and set a “hold” rating for the company in a research report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, The Goldman Sachs Group decreased their price objective on Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday. Ten investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $6.53.

Lumen Technologies Stock Performance

Shares of LUMN opened at $3.98 on Thursday. The company’s fifty day moving average is $5.62 and its 200 day moving average is $7.17. Lumen Technologies has a fifty-two week low of $3.84 and a fifty-two week high of $11.43. The stock has a market capitalization of $4.10 billion, a PE ratio of -3.90 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 (EPS) for the quarter, beating 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. As a group, research analysts forecast that Lumen Technologies will post -0.54 earnings per share for the current year.

Institutional Trading of Lumen Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in shares of Lumen Technologies by 3.5% in the second quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after purchasing an additional 4,796,141 shares during the last quarter. State Street Corp raised its stake in shares of Lumen Technologies by 4.3% during the second quarter. State Street Corp now owns 48,003,189 shares of the technology company’s stock valued at $368,664,000 after acquiring an additional 1,990,860 shares in the last quarter. Dimensional Fund Advisors LP grew its stake 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 in the last quarter. Bank of New York Mellon Corp increased its holdings in Lumen Technologies by 87.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock worth $80,558,000 after purchasing an additional 4,886,999 shares during the period. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Lumen Technologies by 18.7% in the 2nd quarter. Allianz Asset Management GmbH now owns 10,074,316 shares of the technology company’s stock worth $77,371,000 after buying an additional 1,585,083 shares during the period. Hedge funds and other institutional investors own 66.19% of the company’s stock.

More Lumen Technologies News

Here are the key news stories impacting Lumen Technologies this week:

• Positive Sentiment: Strategic revenue grew about 10% and reached 55% of total revenue, reflecting demand tied to AI and Lumen’s Network-as-a-Service offering. The company also reaffirmed its full-year EBITDA outlook. Earnings call highlights
• Positive Sentiment: Lumen reported a quarterly loss of $0.14 per share, narrower than the consensus estimate of a $0.23 loss, offering a bottom-line beat. Quarterly results
• Negative Sentiment: Revenue was $2.71 billion, below the $2.73 billion estimate, and declined year over year. The company also reported negative free cash flow, raising concerns about the pace and quality of its turnaround. Why Lumen shares came under pressure
• Negative Sentiment: JPMorgan cut its price target to $6 from $7, TD Cowen to $8 from $9, Goldman Sachs to $5 from $7.25, and Wells Fargo to $5 from $7.50. Their ratings remained neutral, hold, or equal weight, signaling caution despite targets above the recent share price. JPMorgan rating

Lumen Technologies Company Profile

Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.

The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.