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Lumen Technologies, Inc. (NYSE:LUMN) shares are trading slightly higher Wednesday. Kerrisdale Capital revealed a short position in the stock and released a bearish report on the company Tuesday.
The Details:
Kerrisdale Capital expressed its doubts for an AI-fueled turnaround and claimed Lumen's recently announced contracts are an attempt to raise capital amid declining recurring revenue and liquidity concerns.
Lumen offered the following response to Kerrisdale's allegations:
"Lumen is the trusted network for AI and the recent announcements reflect not only our confidence but the confidence of others that are racing to secure bandwidth.AI requires data centers – data centers require connectivity – connectivity requires fiber. As AI grows, demand for Lumen's network grows," the company told Benzinga.
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Lumen shares have been volatile after the company announced that it secured $5 billion in new business and reported its second-quarter results earlier this month. According to data from Benzinga Pro, Lumen's stock has gained 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 179.63% 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 up 1.05% at $5.28 at the time of publication Wednesday.
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Image: Courtesy of Lumen Technologies, Inc.
Posted In: LUMN
