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Lumen Technologies, Inc. (NYSE:LUMN) shares are trading lower Tuesday after Kerrisdale Capital announced a short position and released a bearish report on the stock.
The Details:
In its report titled "AI-N't Gonna Fix This Mess," Kerrisdale Capital expressed doubt regarding an AI-fueled turnaround for Lumen.
"Lumen has used a string of buzzy headlines to portray the rise of AI as key to resurrecting the company's dimming turnaround hopes but it's really just a transparent attempt to glom onto the hottest theme in the market," the short seller said.
Benzinga reached out to Lumen Technologies for comment, but the company did not immediately respond.
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Kerrisdale Capital claimed Lumen's recently announced contracts are an attempt to raise capital amid declining recurring revenue and liquidity concerns. The short seller pointed to a decrease of 8.6% in Lumen’s Core Business segment revenue in the most recent quarter, the worst in company history.
Lumen Technologies shares are falling Tuesday as investors digest the short report. According to data from Benzinga Pro, Lumen's stock is up more than 200% over the past month and is trading well-above its 50-day moving average of $2.75.
When trying to assess whether or not Lumen Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $3.64 on Lumen Technologies. The Street high target is currently at $7 and the Street low target is $1. Of all the analysts covering Lumen Technologies, no one has positive ratings, 4 have neutral ratings and 4 have negative ratings.
In the last month, 8 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Lumen Technologies have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Lumen Technologies is 192.6% up year-to-date. The average analyst price target suggests the stock could have further downside ahead.
For a broad overview of everything you need to know about Lumen Technologies, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
LUMN Price Action: According to Benzinga Pro, Lumen Technologies shares are down 10.5% at $5.48 at the time of publication Tuesday.
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Posted In: LUMN
