Why Did Lumen Technologies Stock Fall Almost 10% Today?

Lumen Technologies Inc LUMN shares closed 9.45% lower at $7.28 Wednesday following a downgrade from Wells Fargo.

Wells Fargo analyst Eric Luebchow downgraded Lumen Technologies from Overweight to Equal-Weight and announced a $8 price target.

Related Link: Benzinga's Top Ratings Upgrades, Downgrades For October 5, 2022

The company also announced that it will report its third-quarter financial results on Nov. 2. Last quarter, Lumen reported earnings of 35 cents per share on quarterly revenue of $4.612 billion, according to data from Benzinga Pro.

Lumen is one of the United States' largest telecommunications carriers serving global enterprises. The company offers a fast, secure platform for applications and data.

LUMN Price Action: Lumen has a 52-week high of $13.93. It's making new 52-week lows on Wednesday. 

Photo: courtesy of Lumen Technologies.