Lumen Technologies set for seven straight sessions of losses

Lumen Technologies (NYSE:LUMN) shares are on track for seven straight sessions of losses on Wednesday, as the stock fell 3.10% to $7.49 in the afternoon trade.

The Louisiana-based telecommunication company’s shares declined over 16% in the preceding six sessions. It closed nearly 5% lower on Monday.

The majority of analysts are cautious on the stock. Seeking Alpha’s Quant Rating has a Hold on LUMN, with a score of 3.48 out of 5. The company received A+ in the prospect of momentum, while got a D in growth and C in revisions.

When it comes to Wall Street analysis, eight out of 12 analysts recommend a Hold, one recommends a Buy, two recommended Sell and one Strong sell. Seeking Alpha analysts also rated the stock a Hold.

Earlier in the month, Lumen posted a mixed quarterly results, with revenue declining over 11%. However, the stock has jumped over 310% so far this year, outperforming the broader S&P 500 Index’s gain of around 24%.

Seeking Alpha analyst Jeremy LaKosh said Lumen is experiencing a share price surge driven by AI technology demands, despite a decline in third-quarter revenue and EBITDA.

“Lumen’s business model transformation is validated by increased FCF projections and substantial PCF deals, positioning it well for future growth and debt reduction,” said Seeking Alpha analyst Chris Lau.

Lumen Technologies, in November, also joined hands with Google Cloud (GOOGL) to power its AIOps and accelerate digital transformation.