Uniti Group (NASDAQ:UNIT) Price Target Raised to $7.50

Uniti Group (NASDAQ:UNIT) had its price objective boosted by Royal Bank Of Canada from $6.50 to $7.50 in a report issued on Monday morning,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the real estate investment trust’s stock.

UNIT has been the topic of several other reports. Wells Fargo & Company raised their price objective on Uniti Group from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 5th. Zacks Research upgraded Uniti Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Barclays set a $8.00 price objective on Uniti Group in a research note on Thursday, January 29th. Wall Street Zen cut Uniti Group from a “hold” rating to a “sell” rating in a research note on Sunday, March 1st. Finally, Citigroup raised their price objective on Uniti Group from $8.80 to $9.00 and gave the stock a “neutral” rating in a research note on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $8.92.

Uniti Group Trading Up 1.2%

UNIT stock opened at $11.05 on Monday. Uniti Group has a twelve month low of $5.30 and a twelve month high of $11.73. The company has a market capitalization of $2.64 billion, a P/E ratio of 2.93 and a beta of 1.33. The firm has a 50 day simple moving average of $8.58 and a 200-day simple moving average of $7.33.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings results on Monday, March 2nd. The real estate investment trust reported ($1.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.73). Uniti Group had a negative return on equity of 2.52% and a net margin of 55.60%.The company had revenue of $917.20 million for the quarter, compared to analyst estimates of $909.44 million. During the same period in the previous year, the business posted $0.35 EPS. The firm’s quarterly revenue was up 212.8% compared to the same quarter last year. On average, research analysts predict that Uniti Group will post 1.28 EPS for the current year.

Institutional Investors Weigh In On Uniti Group

A number of hedge funds have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. lifted its stake in Uniti Group by 103.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 14,656,558 shares of the real estate investment trust’s stock valued at $102,743,000 after buying an additional 7,441,044 shares during the last quarter. TMB Capital Partners LLC bought a new stake in Uniti Group in the fourth quarter valued at $185,000. Invesco Ltd. lifted its stake in Uniti Group by 32.8% in the fourth quarter. Invesco Ltd. now owns 1,829,904 shares of the real estate investment trust’s stock valued at $12,828,000 after buying an additional 452,149 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Uniti Group in the fourth quarter valued at $72,000. Finally, State of Tennessee Department of Treasury lifted its stake in Uniti Group by 14.1% in the fourth quarter. State of Tennessee Department of Treasury now owns 72,275 shares of the real estate investment trust’s stock valued at $507,000 after buying an additional 8,948 shares during the last quarter. 87.51% of the stock is currently owned by institutional investors.

Uniti Group Company Profile

Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company’s assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti’s portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.