10:13 AM EDT, 08/27/2024 (MT Newswires) -- Lumen Technologies ( LUMN ) shares declined more than 11% after Kerrisdale Capital said an investment in the company at current levels "lacks more than just artificial intelligence."

Kerrisdale Capital described Lumen Technologies ( LUMN ) as a "rapidly shrinking wireline telecom with inferior software and a history of underdelivering on growth," in a short report released Tuesday.

"Lumen, a company with a long history of disappointing investors and which just reported EBITDA down 13%, is now trading in line with telecom peers with healthy growth outlooks, lower leverage, and attractive dividends," the report said.

The report also claims Lumen is trying to spin how artificial intelligence "will fuel the dramatic turnaround of a secularly declining business saddled with $19 billion of debt."

Lumen Technologies ( LUMN ) did not immediately respond to MT Newswires' request for comment.

Price: 5.44, Change: -0.68, Percent Change: -11.11